First Sponsor reports 16.1% higher 3Q earnings of $25.6 mil as cost of sales falls faster
PC LeePublished on Fri, Oct 26, 2018 / 8:10 AM GMT+8
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SINGAPORE (Oct 26): First Sponsor Group, the developer of residential and commercial properties, reported 3Q18 earnings of $25.6 million, 16.1% higher than a year ago despite lower revenue as cost of sales fell a sharper 42.7% to $20.5 million.
Revenue decreased 17.5% to $53.5 million from $64.8 million a year ago due mainly to a $25.5 million decline in revenue from sale of properties as fewer units in the Millennium Waterfront project were sold.
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