First Sponsor Q4 profit falls 41.5% on absence of one-off gain

Singapore

DESPITE a big jump in revenue, mainboard-listed First Sponsor Group saw earnings fall 41.5 per cent to S$42.7 million for its fiscal fourth quarter from the year-ago period.

The property group, whose key shareholders are City Developments Limited and Tai Tak Estates Sdn Bhd, attributed the drop to the absence of a one-off gain of S$97.3 million arising from the partial Star of East River Project divestment in fiscal 2016's fourth quarter.

However, for the three months ended Dec 31, revenue rocketed 660.3 per cent to S$180.3 million year…