First Sponsor’s profits skyrocket 123.3% to $66.8m

Thanks to contributions from new acquisitions.

First Sponsor raked in $66.8 in net profits in FY15, after adjusting for IPO expenses of $3.5m and a share-based charge of S$4.7m in FY14. This reflects a whopping 123.3% YoY surge on back of soaring revenue and profit before tax, which respectively grew 40.3% to $214.9m and 124.5% to $90.9m.

According to the company’s media release, revenue and profit before tax increased on back of revenue recognition from the first time handover of Plot C residential blocks of the Millennium Waterfront Project, as well as profit contribution from the Dutch properties that First Sponsor acquired during the year.

Moreover, gross sales value for FY15 reached RMB515.6m as the company bagged respectable property development sales for its Millennium Waterfront Project despite China’s economic slowdown.

The company will continue to stay alert to business opportunities while remaining wary of the increasing economic uncertainty of the global economy, said the company’s CEO Neo Teck Pheng.