MAINBOARD-LISTED First Sponsor Group on Thursday reported a 24.7 per cent rise in net profit to S$15.1 million for the second quarter, from S$12.1 million a year ago. This comes on the back of increased revenue from the sale of properties and hotel operations.
Revenue from the sale of properties more than quintupled to S$42.2 million, from S$8.0 million the year before. This was mainly due to the recognition of revenue from more commercial units in the Millennium Waterfront project at 100 units, compared with a single unit a year ago. This is due to the absence of net penalty interest income of S$5.1 million from the receipt of net auction proceeds by the court in June 2018 regarding the successful enforcement on two of the Case 2 defaulted loans; and a S$3.8 million contribution from a loan to a 30 per cent owned associate which was repaid in March 2019.
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Source: BusinessTimes - 🏆 15. / 51 Read more »