|
S$’m |
1QFY17 |
1QFY16 |
Change |
|
Revenue |
14.9 |
3.7 |
304% |
|
Gross profit |
7.2 |
0.3 |
2,027% |
|
Profit after tax attributable to equity owners |
2.3 |
(0.5) |
|
Pacific Star Development (PSD) executed a reverse takeover of LH Group in Feb 2017 -- and it was a nicely profitable 1Q that came after eight consecutive quarters of losses of the legacy business of LH Group.
Singapore-based PSD recorded S$4.4 million in 1Q net profit (before deducting minority interests) and S$2.3 million attributable to shareholders (1Q2016: loss of S$0.5 million).
Revenue soared over 300% year-on-year to S$14.9 million: Over 90% was contributed by PSD's property division, principally the Group’s award-winning mixed-use Iskandar Malaysia development project, Puteri Cove Residences and Quayside.
 "Within Puteri Harbour, several developments including Puteri Cove Residences will be completed this year and will bring an upsurge in resident population. This will augur well for the ongoing sales of our residential units in Puteri Cove Residences and the leasing of our prime waterfront lifestyle retail centre known as Puteri Cove Quayside."-- Glen Chan (photo), CEO and MD, Pacific Star Development |
Highlighting the attractiveness of Iskandar Puteri where the project is located, Mr Glen Chan, CEO and MD of PSD, said: "Iskandar Puteri remains Iskandar Malaysia’s prime residential and commercial hub underpinned by increasing tourism and economic activities, that is supported by brand names such as the ONE°15 Private Marina, Ascendas Techpark, Mitsui Techpark and Gleneagles Medini Hospital."
In Iskandar Malaysia, the Group expects demand for new property development projects to trend upwards, due to, amongst others, increased demand for high-quality housing, the construction of the Kuala Lumpur-Singapore high speed rail and Johor Bahru-Singapore Rapid Transit System.
(See report on our recent visit to Iskandar Puteri: PACIFIC STAR DEV'T: Offering prime-location homes near Iskandar marinas & ferry terminal)
Aside from the Iskandar project, PSD has started to co-develop a condominium in Bangkok and is set to launch it soon. It is also on the prowl for new projects in the region.
"As an ASEAN-focused developer, PSD is well positioned to capitalize on the superior growth of the ASEAN region and leverage our brand equity towards enhancing shareholder value,” says Mr Chan.
|
The legacy business of LH Group is consolidated in the financial statements of PSD. |
Check out the Puteri Cove Residences corporate video -->
