First Sponsor posts 16.4% rise in Q1 profit

Mixed property developer First Sponsor acquired Zuiderhof I (above) at South Axis, Amsterdam’s central business district, in March 2015.
Mixed property developer First Sponsor acquired Zuiderhof I (above) at South Axis, Amsterdam’s central business district, in March 2015. PHOTO: FIRST SPONSOR

SINGAPORE - First Sponsor Group reported on Thursday (April 27) a 16.4 per cent rise in first-quarter net profit to S$14.2 million from S$12.2 million a year ago.

The company noted that this marks the 10th consecutive quarter on quarter profit growth for the company since its initial public offering in July 2014. First Group is mixed property developer, owner of commercial properties in China and the Netherlands, and provider of property financing services in China.

Revenue for the three months ended March 31 jumped 78.6 per cent to S$81.3 million year-on-year, mainly due to the sale of properties and hotel operations. This was partially offset by the decrease in rental income from investment properties and revenue from property financing.

The significant increase in revenue was due to 600 residential units in its Millennium Waterfront project being handed over in first quarter from 324 units in the year-ago quarter.

The company said the group has recorded its best quarterly residential sales for the Millennium Waterfront project with over one thousand units sold, equivalent to over 70 per cent of sales for this project last year. As at end-March, 969 of the total 7,302 residential units in the project remain unsold.