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First Sponsor posts Q2 turnaround

Chinese developer achieves S$7.62m profit; IPO expenses contributed to year-ago quarter's loss

Published Fri, Jul 24, 2015 · 09:50 PM

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