First Sponsor Q4 profit up 63% to S$94.9m

MAINBOARD-LISTED property developer First Sponsor Group on Wednesday posted a 63 per cent jump in net profit to S$94.9 million for its fiscal fourth quarter ended Dec 31, from S$58.2 million a year ago. 

Earnings per share (EPS) for the quarter came in at 11.75 Singapore cents, up from an EPS of 8.73 Singapore cents in the previous year. 

Revenue rose 13.5 per cent to S$149.8 million, from S$132 million for the year-ago period. This was mainly due to an increase in revenue from hotel operations, property financing and the sale of properties. However, these were partially offset by lower rental income from First Sponsor's investment properties. 

The directors of the company have recommended a final tax-exempt dividend of 1.6 Singapore cents per ordinary share, versus a final dividend of 1.3 Singapore cents for the preceding year. Subject to shareholders' approval at an upcoming annual general meeting, the proposed dividend will be payable on May 8, 2020. 

For the full-year, net profit was up 47.9 per cent to S$167.1 million, from S$113 million for the previous year. This translated to EPS of 21.64 Singapore cents, from an EPS of 16.72 Singapore cents for the year-ago period. Revenue also increased 15.1 per cent to S$319.2 million, from S$227.4 million for Q4 2018. 

Shares in First Sponsor last traded flat at S$1.33 on Feb 7.