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Pacific Star warns of fiscal 2019 loss

CATALIST-LISTED Pacific Star Development is expecting to report a net loss for the financial year to June 30, 2019, its board warned on Thursday.

In a filing just before midnight, the board said the losses arose mainly as a result of challenging market conditions which have impacted the sales of Puteri Cove Residences during fiscal 2019.

Puteri Cove is a property development project located in Iskandar Puteri, Malaysia. It is developed by the company’s wholly owned indirect subsidiary, Pearl Discovery Development.

The company’s management has also noted "risks of non-fulfilment" of certain sales and purchase agreements by buyers for units recognised as sales for the second and third quarters of fiscal 2019, and is working with the company’s auditors to assess the appropriateness of its revenue recognised.

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This may result in a reversal of a portion of the previously recognised sales of units in Puteri Cove, the company’s board added.

The profit guidance was based on a preliminary review of the group’s draft financial results for fiscal 2019. It is expecting to release its unaudited financial results for fiscal 2019 on or before Aug 29.