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

PC Lee
PC Lee • 2 min read
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.
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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.

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.

The group also recorded other income of $3.8 million which comprised mainly net foreign exchange gain of $4.0 million.

First Sponsor's key controlling shareholders are Hong Leong Group Singapore through its shareholding interests in Millennium & Copthorne Hotels plc and Tai Tak Estates Sendirian Berhad

In its outlook, First Sponsor says the launch of the SOHO units in the Star of East River project in late September garnered good sales response.

As for the new development land in Nancheng District of Dongguan secured in 2Q18, the consortium has started construction work on the primarily residential project.

No dividend has been declared for the quarter in review.

Year to date, shares in First Sponsor are up 7.4% at $1.30.

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