First Sponsor reports 16.1% higher 3Q earnings of $25.6 mil as cost of sales falls faster

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.

Revenue from property financing increased 76.3% to $20 million in 3Q18 while revenue from hotel operations increased more than doubled to $9.7 million due mainly to a full quarter’s contribution from the 24.7%-owned Hilton Rotterdam hotel which was leased by the group since February, as well as the Wenjiang hotspring which commenced operations in October 2017.

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