SINGAPORE (Apr 28): Property developer First Sponsor Group reported earnings of $24.9 million for 1Q2020 ended March, 4.8% higher than the $23.8 million reported in 1Q2019.

Revenue came in 1.1% higher at $45.8 million, driven by an increase in property financing revenue. This was due mainly to a one-off establishment fee from the provision of a A$370 million ($336.4 million) construction facility to fund the redevelopment of the City Tattersalls Club in Sydney.

However, property development and property holding revenue both fell during the quarter.

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