SINGAPORE (July 27): First Sponsor Group, the mixed property developer in the Netherlands and China, reported 2Q18 earnings of $12.1 million. This brings 1H18 earnings to $29.2 million, up 23.7% from last year.
Revenue for 2Q18 fell 21.2% to $44.1 million due mainly to a $38.6 million decline in revenue from sale of properties led by recognition of revenue from fewer units in the Millennium Waterfront project.
The decrease was however partially offset by the increase in revenue from property financing, hotel operations and rental income from investment properties of $18.1 million, $8.5 million and $0.1 million respectively.
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