First Sponsor profit jumps on partial divestment of stake in China project

Singapore

A SHARP fourth-quarter fall in revenue dragged First Sponsor Group to a gross loss S$6.6 million for the three months ended Dec 31, 2016. But thanks to huge "other gains" of S$98.8 million stemming mainly from the partial divestment of its stake in a China project, the group posted a more than doubling in net profit to S$72.9 million for the quarter from S$31.9 million a year ago.

First Sponsor separately announced on Tuesday a collaboration with Dutch property developer Provast to develop three residential blocks in Amsterdam Southeast.