First Sponsor's 2Q earnings rise to $8.6 mil

SINGAPORE (July 27): First Sponsor property group reported a 12.9% rise in 2Q earnings to $8.6 million in 2Q16 on higher revenue.

For the quarter ended 30 June, revenue increased by 40.8% to $42.2 million from $29.97 million a year ago. This was mainly due to revenue recognition from the handover of blocks and units of its Millennium Waterfront project, as well as recurring income from its Dutch property portfolio.

Rental income from investment properties increased by 68.2% to $3.7 million this quarter from $2.2 million in 2Q 2015, due mainly to the contribution of a full quarter’s rental income from the Arena Towers properties in the Netherlands which were acquired in June 2015.

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