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Pacific Star Development posts S$8.43m profit for 18 months ended June 30

PROPERTY group Pacific Star Development's net profit for the 18 months ended June 30, 2018 came to S$8.43 million, while revenue hit S$121.43 million.

Pacific Star, which was formerly known as LH Group, was formed via a reverse takeover (RTO) of PSD Singapore; the RTO was completed on Feb 15, 2017, and in November last year, the company announced a change in its financial year-end from Dec 31 to June 30. For the 12 months ended Dec 31, 2016, its net profit was S$7.53 million, against a revenue of S$59.11 million.

Earnings per share (EPS) for the 18-month period came to 2.44 Singapore cents, while the EPS for the 12-month period was 4.86 cents. 

Pacific Star said revenue for the 18-month period was bolstered by its Puteri Cove Residences & Quayside project in Puteri Harbour. Meanwhile, total expenses were higher for the 18-month period at S$21.09 million, mainly due to an increase in operating and administrative expenses on the back of higher staff costs, as well as increased marketing and distribution expenses.

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In Malaysia, the Certificate of Completion and Compliance (CCC) for Phase 1 - namely, two 32-storey residential towers, four blocks and the two-storey lifestyle retail centre - of the Puteri Cove Project was issued by the state government authorities in February this year. Phase 2, comprising a third high-rise serviced apartment tower, is expected to receive its CCC and be operational by the end of 2018.

Meanwhile,  the group’s development project known as The Posh Twelve in Bangkok "continues to see buyer interest and sustained sales momentum", it said. As at July 31, all 450 units of its first batch of international sales have been sold to foreign buyers.