Listed real estate developer Pacific Star Development (PSD) announced on Feb 12 that its revenue had increased 78.3% y-o-y in 4Q2017 to $30.7 million. The strong performance, mainly attributed to sales from its Puteri Cove Residences and Quayside project, boosted PSD’s 12M2017 revenue by 42% y-o-y to $83.9 million.

Puteri Cove Residences and Quayside is a freehold mixed-use development in Iskandar Puteri, Malaysia, comprising a condominium with 658 luxury apartments in two 32-storey towers, SOHO units, lofts, serviced suites, as well as retail and F&B units.

PSD’s operating expenses in 4Q2017 increased 33% y-o-y to $3.2 million, taking 12M2017 operating expenses to $11.3 million, a 38.8% y-o-y increase.

With higher revenue recognised in 4Q2017, PSD’s net profit after tax increased 23% y-o-y to $8.4 million in 4Q2017, and 15.3% y-o-y to $20 million for 12M2017.

As at Dec 31, 2017, PSD’s total assets grew 40.3% y-o-y to approximately $183.5 million, which was mainly attributed to an increase in development property, trade receivables and unbilled receivables. Total equity also increased 92.5% y-o-y to approximately $58.5 million.