First Sponsor posts Q2 turnaround

Singapore

AMID uncertainty in the China property market, Chinese property developer First Sponsor Group has achieved a net profit of S$7.62 million for its second quarter ended June, up from a net loss of S$3.25 million a year-ago.

The group's bottomline growth was supported by a boost in revenues to S$29.98 million, from S$6.61 million. Contributing to the year-ago quarter's loss were other expenses of S$4 million, "mainly comprised of IPO expenses accrued of S$3.3 million and net for