First Sponsor's Q1 profit rises 14%

Singapore

FIRST Sponsor Group on Wednesday reported a 14 per cent year-on-year rise in net profit to S$12.23 million in the first quarter ended March 31, 2016, despite a 260 per cent surge in revenue, as margins slipped with the emergence of problematic loans in its property financing business.

Its revenue surged to S$45.56 million during the quarter, underscored by an increase in revenue from the sale of properties by S$36.3 million and rental income from investment properties of S$2.6 million, offset by a decrease in revenue from property financing of S$6.1 million.