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.

"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.