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First Sponsor posts 39% increase in 1Q earnings to $23.8 mil; to launch rights issue of perps

Samantha Chiew
Samantha Chiew4/25/2019 07:49 AM GMT+08  • 2 min read
First Sponsor posts 39% increase in 1Q earnings to $23.8 mil; to launch rights issue of perps
SINGAPORE (Apr 25): First Sponsor Group announced that its 1Q19 earnings increased 39% to $23.8 million, compared to $17.1 million in 1Q18.
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SINGAPORE (Apr 25): First Sponsor Group announced that its 1Q19 earnings increased 39% to $23.8 million, compared to $17.1 million in 1Q18.

Revenue for the period declined by 5.2% to $45.3 million from $47.8 million in the previous year, due to the decrease in revenue from sale of properties and rental income from investment properties. The decrease was partially offset by the increase in revenue from property financing and hotel operations.

Since cost of sales saw a larger decline of 24.3% y-o-y to $13.0 million, gross profit was 5.6% higher at $32.4 million from $30.7 million last year.

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