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First Sponsor's Q1 profit climbs 16.4% on higher revenue

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First Sponsor Group reported a net profit of S$14.2 million in its first financial quarter, up 16.4 per cent from a year ago, in a Singapore Exchange filing on Thursday.

FIRST Sponsor Group reported a net profit of S$14.2 million in its first financial quarter, up 16.4 per cent from a year ago, in a Singapore Exchange filing on Thursday.

This is its 10th consecutive quarter on quarter profit growth since its initial public offering in July 2014, said the mixed property developer, owner of commercial properties in China and the Netherlands, and provider of property financing services in China.

For the three months ended March 31, the associate of Millennium & Copthorne Hotels plc saw revenue surging 78.6 per cent to S$81.3 million year-on-year, mainly due to the sale of properties and hotel operations. This was partially offset by the decrease in rental income from investment properties and revenue from property financing.

The significant increase in revenue was due to more residential units in its Millennium Waterfront project being handed over in Q1 2017 compared to the same period a year ago.

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Earnings per share rose to 2.41 Singapore cents from 2.07 Singapore cents in the year-ago period.

Net asset value for the group came in at 172.01 Singapore cents as at March 31, from 173.71 Singapore cents three months ago.

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