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First Sponsor FY16 earnings jump 68% to $113 mil

Gwyneth Yeo Published on Tue, Feb 07, 2017 / 8:25 AM GMT+8

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SINGAPORE (Feb 7): First Sponsor Group has reported earnings of $113.1 million for FY16, a 67.9% improvement over the earnings of $67.4 million in FY15.

For the full year to December, revenue fell 11.7% to $189.7 million on a lower revenue contribution from property sales and property financing.

Cost of sale rose by 18.7% to $145.1 million due to the reallocation of car park costs for the group’s Millennium Waterfront project to their respective residential and commercial units.

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First Sponsor FY16 earnings jump 68% to $113 mil