First Sponsor’s 3Q earnings rise 13.1% to $19.3 mil on higher revenue

SINGAPORE (Oct 26): First Sponsor Group posted a 13.1% growth in 3Q16 earnings to $19.3 million from $17.1 million the year before on higher revenue.

This marks its eighth straight quarterly profit growth since its initial public offering (IPO) “in spite of the current uncertain global economic conditions”, says the group in a Wednesday announcement.

Revenue was up 11.5% for 3Q16 at $80.4 million, compared to $72 million in 3Q15. This was due mainly to higher revenue from the group’s sale of properties, which saw a higher number of units in the Millennium Waterfront project handed over in the current quarter.

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