First Sponsor Group
Mainboard-listed First Sponsor Group's net profit jumped 128.5 per cent to $72.9 million for the fourth quarter ended Dec 31, thanks largely to gains from partial divestment of its stake in a China project.
First Sponsor is a mixed property developer and owner of commercial properties in China and the Netherlands, and also provides property financing services in China.
Revenue in the final quarter tumbled 78.5 per cent or $78.7 million from $100.3 million in the year-ago quarter.
This was due mainly to lower revenue from sale of properties and property financing.
But the group was lifted by gains of $98.8 million in the quarter, mainly from the dilution of interest in the Star of East River project in Dongguan.
"This partial divestment has unlocked the capital gain of the group's investment in this project, thereby enabling the group to recoup all its cash capital previously invested with a surplus cash return of approximately $23.2 million and a remaining 30 per cent equity stake in the project," the company said.
Earnings per share for the quarter rose to 12.36 cents from 5.41 cents a year ago. Net asset value per share was 173.71 cents as at Dec 31, up from 165.26 cents a year earlier.
Keppel Offshore & Marine's shipyard in Brazil, BrasFELS, has delivered a vessel to a consortium represented by Brazilian oil giant Petrobras.
The vessel is the first of the Replicante series of floating production storage and offloading units.
It has a production capacity of 150,000 barrels of oil and six million cubic m of gas per day. It also has a storage capacity of 1.6 million barrels of oil.
Sing Investments & Finance
Sing Investments & Finance saw its full-year net profit rise 8.2 per cent to $13.9 million.
Net interest income and hiring charges rose by 9.7 per cent to $38.6 million, due largely to higher loan yields. Non-interest income rose by 3.5 per cent, due mainly to higher income from fees and commissions in line with a larger auto-related loan portfolio.
Earnings per share for the year was 8.8 cents, up from 8.13 cents the previous year.