SINGAPORE - Property developer First Sponsor Group on Wednesday (July 27) posted a net profit of S$8.6 million in the second quarter, up 12.9 per cent from the same period a year ago.

Revenue in the three months ended June 30 was S$42.2 million, up 40.8 per cent from a year ago, due mainly to higher takings from sale of properties as more units in the Millennium Waterfront project were handed over last quarter than in the same quarter last year.

Cost of sales rose 99.7 per cent to S$28.2 million in the second quarter, in line with the increase in revenue from sale of properties, the group said.

Second quarter earnings per share stood at 1.46 Singapore cents, up from 1.29 cents a year ago.

Net asset value per share was 155.82 cents as at June 30, down from 165.26 cents as at Dec 31 last year.

The board has proposed an interim cash dividend of 1 Singapore cent per share, payable on Sept 15. This is an increase from the 0.7 cent interim dividend paid last year.