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First Sponsor Q2 profit up 8.8%; Chengdu project being assessed

FIRST Sponsor Group's net profit rose 8.8 per cent to S$9.4 million, or 1.59 Singapore cents per share, in the second quarter amid ongoing sales at its Millennium Waterfront project in Chengdu, China.

The China- and Netherlands-focused property developer has declared an interim dividend of one Singapore cent per share for the period.

Revenue rose 27.7 per cent to S$53.9 million for the three months ended June 30. First Sponsor said it has sold more than 99 per cent of the 7,302 residential units at the Millennium Waterfront amid the imposition of several property cooling measures by the Chinese central government. The company is assessing the development feasibility of the remaining phase of the project in view of current market conditions.

For the first half of the year, revenue (see amendment note) was up 54.1 per cent at S$135.3 million.

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Amendment note: An earlier version of this story wrongly stated that first-half net profit was up 54.1 per cent. It should be revenue that rose 54.1 per cent instead.