MAINBOARD-LISTED First Sponsor Group’s first quarter net profit rose 39 per cent to S$23.8 million for the three months ended March 31, from S$17.1 million a year ago.
The company’s earnings per share stood at 3.43 Singapore cents, up from 2.64 cents the year prior. It did not declare a dividend for the quarter, similar to a year ago.First Sponsor’s revenue for the quarter dropped 5.2 per cent to S$45.3 million, from S$47.8 million the year before. This was on the back of a drop in revenue from the sale of properties and rental income from investment properties, offset by revenue increases in property financing and hotel operations.
Hotel operations revenue rose 8.9 per cent to S$10 million, from S$9.1 million a year ago, from full-quarter contributions from the company’s Hilton Rotterdam Hotel, which the group had been leasing since February 2018. This was partially offset by the absence of contribution from M Hotel Chengdu which ceased operations in July 2018, the group said.
In terms of outlook for its property development segment, the group is targeting to acquire a 100 per cent equity interest in a 76,570 square metre mixed use development site in Chang'an, Dongguan. It intends to designate a third party as one of the purchasers, subject to the group retaining a controlling stake.
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