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Pacific Star Development's Q4 net profit up 28%

PACIFIC Star Development's net profit rose 28.6 per cent to S$3.88 million in the fourth quarter ended Dec 31, 2017.

Revenue surged 78.3 per cent from a year ago to S$30.73 million during the period, on the back of sales from the property division's Puteri Cove Residences & Quayside project in Iskandar Puteri, Malaysia.

For the full year, growth in net profit was a more moderate 4.1 per cent to S$7.84 million as higher expenses and net loss from discontinued operations dampened a 42 per cent surge in revenue to S$83.9 million.

As at end-2017, the group's total assets grew 40.3 per cent to S$183.5 million, compared to S$130.8 million at end-2016, mainly due to an increase in development property, trade receivables and unbilled receivables.

Phase 1 of Puteri Cove Residences and Quayside is expected to be issued its Certificate of Completion and Compliance before the end of February, said Glen Chan, group CEO and managing director.

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"We have also achieved significant business milestones by building strategic alliances with leading property players and capital partners such as Dubai-listed DAMAC International, and in replicating the exceptional luxury of our flagship project Puteri Cove with privately owned PT Kukuh Mandiri Lestari for a joint venture development on approximately 10 hectares of prime seafront land parcels in Pantai Indah Kapuk, one of North Jakarta's most affluent and prestigious districts," he added.

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