SINGAPORE (Apr 25): First Sponsor Group, the mixed property developer in the Netherlands and China, announced 1Q18 earnings increased by 20.3% to $17.1 million, compared to $14.2 million in 1Q17.
During the quarter ended Mar 31, the group recorded a 42.6% drop in revenue to $47.8 million from $83.3 million in the previous year, due mainly to the decrease in revenue from sale of properties.
The decrease in revenue from sale of properties in 1Q18 was due mainly to the recognition of revenue from 62 residential units in the Millennium Waterfront project, compared to 600 residential units in 1Q17.
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