First Sponsor posts 14% rise in Q1 profit

SINGAPORE - Mainboard-listed First Sponsor Group reported a 14 per cent rise in net profit to S$12.2 million for its frst quarter ended March 31, from the year-ago period.

The group is a mixed property developer and owner of commercial properties in China and the Netherlands. It also provides property financing services in China.

For the quarter, revenue swelled 260 per cent to S$45.6 million due mainly to increase in revenue from 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.

The group has entered into long term hotel management contracts with InterContinental Hotels Group (Shanghai) Ltd on April 22 to operate the two hotels of the Millennium Waterfront project in Wenjiang, Chengdu. The hotels are set to be branded as Crowne Plaza and Holiday Inn Express.

Said Mr Neo Teck Pheng, group chief executive officer: "Amidst the current backdrop of uncertain global economic conditions, we are pleased to report that the Group has nevertheless achieved the sixth consecutive quarter of year on year profit growth since IPO."

No dividend was declared for the quarter.