First Sponsor's Q3 profit up 13.9%, revenue down 21.4%

Singapore

ROBUST sales from developer First Sponsor's China projects in Chengdu and Dongguan, and higher contribution from the higher-yielding property financing business raised net profit for the third quarter by 13.9 per cent to S$22.02 million from the year-ago period.

For the three months ended Sept 30, 2017, revenue fell 21.4 per cent to S$64.82 million from the year-ago period. The contraction was due mainly to lower revenue from the sale of properties and lower rental income from investment properties, partially offset by an increase in revenue from property financing and hotel operations, the company said.