Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 12 February 2018, 18:20 HKT/SGT
Share:
    

Source: Pacific Star Development Ltd
Pacific Star Development Delivers Strong 12M2017 Financials Results
- Revenues and profit increase by 78% and 23% for 12M2017
- Stronger balance sheet, double-digit growth in total assets & equity
- Continued focus on integrated mixed-use developments in ASEAN gateway cities

SINGAPORE, Feb 12, 2018 - (ACN Newswire) - Pacific Star Development Ltd (SGX:PSTAR; PSD), an award-winning ASEAN real estate developer listed on the Singapore Exchange, is pleased to announce a strong set of financial results for the fourth quarter (4Q2017) and for the twelve months ended 31 December 2017 (12M2017).

Financial Highlights 
----------------------------------------------------------------------
SG$mil          4Q2017  4Q2016   (%)         12M2017  12M2016     (%)
----------------------------------------------------------------------
Revenue         30.7    17.2   +78.3         83.9      59.1     +42.0
Gross Profit    14.7     8.3   +76.2         40.4      29.0     +39.4
Net Profit       8.4     6.8   +23.0         20.0      17.3     +15.3 
----------------------------------------------------------------------

Continued Strong Performance and Contribution from Property Business

In 4Q2017, the Group's revenue increased 78.3% to approximately S$30.7 million, which was mainly attributed to sales from the Property Division's Puteri Cove Residences & Quayside project in Iskandar Puteri, Malaysia ("Puteri Cove Project"). The strong performance in 4Q2017 boosted the Group's 12M2017 revenue by 42.0% to approximately S$83.9 million.

With higher revenue recognised in 4Q2017, the Group's gross profit jumped 76.2% to approximately S$14.7 million in 4Q2017. For the period 12M2017, the Group's gross profit improved 39.4% to approximately S$40.4 million.

The Group's operating expenses[1] in 4Q2017 increased 33.0% to approximately S$3.2 million while the Group's operating expenses in 12M2017 increased 38.8% to approximately S$11.3 million.

Overall, the Group's net profit after tax increased 23.0% to approximately S$8.4 million in 4Q2017, while for 12M2017, the Group's net profit after tax increased 15.3% to approximately S$20.0 million.

As at 31 December 2017, the Group's total assets grew 40.3% to approximately S$183.5 million as compared to S$130.8 million as at 31 December 2016, which was mainly attributed to an increase in development property, trade receivables and unbilled receivables. Total equity for the Group also improved 92.5% to approximately S$58.5 million as compared to S$30.4 million as at 31 December 2016 over the same period.

Commenting on the Group's 12M2017 results performance, Mr. Glen Chan, CEO and Managing Director of PSD, said: "The past one year has been pivotal for Pacific Star Development as we marked the first year anniversary from our listing on the Singapore Stock Exchange with the achievement of several strategic milestones. I am very pleased to report that our strong financial performance in 12M2017 underscores the effective execution of our business strategy as an ASEAN real estate developer of premium integrated mixed-use developments as defined by our Puteri Cove Residences and Quayside, which Phase 1 is expected to be issued its Certificate of Completion and Compliance before the end of February 2018."

Mr. Glen Chan added, "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 (KML) for a joint venture development on approximately 10 hectares of prime sea front land parcels in Pantai Indah Kapuk, one of North Jakarta's most affluent and prestigious districts.

"The growth potential in ASEAN real estate is very significant and we are confident in our ability to drive long-term shareholder value as we continually explore the acquisition of new land parcels and joint venture development opportunities with strategic partners in Indonesia, Thailand, Malaysia and Singapore throughout 2018."

*Operating expenses include Marketing and Distribution and Operating and Administrative expenses .
This press release is to be read in conjunction with PSD's exchange filings on 12 February 2018 released on the SGXNet.

About Pacific Star Development Limited (PSD)
Pacific Star Development Limited is an ASEAN developer listed on the Singapore Exchange. With over a decade in real estate investment management and development experience, the property division of the Company has acquired both an extensive regional network as well as a solid background in development management, counting among its past investments the highly successful mixed-use project Pavilion in Kuala Lumpur.

The Group has previously invested in and completed two residential projects in key prime locations in Bangkok and two in Kuala Lumpur. Currently, the Group has two projects on hand, the award-winning Puteri Cove Residences and Quayside in Malaysia, and a joint venture development in Thailand, The Posh Twelve. For more information, please visit www.pacificstar-dev.com

For additional queries, please contact:
Merlissa Elvin-Poulose (Ms.)
Senior Vice President, Head of Corporate Communications
Pacific Star Development Limited
DID: +65 6508 3195
HP: +65 9668 7408
Email: merlissa.elvin@pacificstar-dev.com

Issued for PSD by:
Waterbrooks Consultants Pte Ltd
Mr. Alex Tan
(M): +65 9451 5252, kai@waterbrooks.com.sg
Ms. Lynette Tan
(M): +65 9687 2023, lynette@waterbrooks.com.sg



Feb 12, 2018 18:20 HKT/SGT
Topic: Earnings
Sectors: Daily Finance, Real Estate
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Latest Press Releases
Avnet Drives Innovation Forward for the Start-up Community in Singapore  
May 22, 2018 10:30 HKT/SGT
BGMC International Limited Announces 2018 Interim Results Revenue at HK$642.5 Million with HK$28 Million Net Profit  
May 22, 2018 08:13 HKT/SGT
Argus Launches New Industry-Leading Regulatory and Compliance Solution on Cloud  
May 22, 2018 08:00 HKT/SGT
Hong Kong Investor Relations Association Announces Winners of 4th IR Awards 2018  
May 21, 2018 20:39 HKT/SGT
Hong Kong retail expectations turn positive for first time since 2013 according to the RICS Hong Kong Commercial Property Monitor  
May 21, 2018 18:00 HKT/SGT
Coinsuper Initiated the Establishment of Crypto Exchange Nework (CEN) to Connect the Financial World  
May 21, 2018 15:30 HKT/SGT
Amlife's World Sleep Day CSR Campaign Addresses Increasing Sleeping Disorders, Amlife's first national sleep survey reveals 9 out of 10 Malaysians Suffer Sleep Problems  
May 21, 2018 14:50 HKT/SGT
NEC: 5G-Crosshaul Successfully Concludes Most Ambitious 5G Transport Network R&D Effort to Date  
May 21, 2018 09:34 HKT/SGT
Toyota Finishes Strongly in Portugal  
May 21, 2018 08:49 HKT/SGT
AnApp announces the birth of an innovative blockchain technology that will change the IoT World  
May 21, 2018 08:48 HKT/SGT
More Press release >>
 News Alerts
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: