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Pacific Star Development's net profit rises 9.5 % to S$2.5m

CATALIST-LISTED developer Pacific Star Development (PSD) saw net profit attributable to equity owners increase 9.5 per cent to S$2.5 million from the previous year in its fifth quarter ended March 31.

Earnings per share dropped to 0.49 Singapore cent from 0.71 Singapore cent in the first quarter ended March 2017, due to an enlargement of shares from 14.9 million as of Jan 1, 2017 to 499.67 million by June 30, 2017.

In November 2017, the company had announced a change in its financial year to end in June 30, from Dec 31.

Revenue for the quarter surged 52.4 per cent to S$22.7 million from the previous year, due to contributions of its mixed-use development Puteri Cove Residences & Quayside project in Puteri Harbour, which has attained the certificate of completion and compliance for Phase 1.

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But it also faced higher cost of sales of S$12.7 million in Q5 2017, S$5.0 million higher than the year ago.

Total expenses also rose by 21.7 per cent to S$2.9 million in Q5 2017 mainly due to higher marketing costs.

The group said it is expecting the Puteri Cove project to benefit from higher buying demand from new condominiums from the rising population in Iskandar Puteri and the developments like the upcoming Kuala Lumpur-Singapore high speed rail.

Its Bangkok project The Posh Twelve sees "strong buyer interest and sustained sales momentum".

No dividend was declared.

Pacific Star Development shares closed S$0.015 or 8.3 per cent higher at S$0.2 on May 7.