First Sponsor Group profits rose 33.1% to $38.9m in H1

It was supported by the properties in China and the Netherlands.

First Sponsor Group Limited announced strong growth performance for H1 FY 19/20 after its profit attributable to equity holders of the company climbed 33.1% YoY to $38.9m.

Revenue also increased by 35.7% to $124.8m over the same period from $91.1m in H1 FY 18/19.

For Q2, First Sponsor Group’s profit rose to $15m, up by 24.7% over $12.07m recorded in Q2 FY18/19. Revenue soared 80.1% in Q2 compared to the same period last year, rocketing up to $79.4m from $44.1m last year.

According to Neo Teck Pheng, CEO of First Sponsor Group, the strong profit growth stemmed from the higher number of commercial units handed over in the Chengdu Millennium Waterfront project.

First Sponsor Group also said that the revenue growth in H1 was due to a $29.1m and $4.9m increase in revenue from the sale of properties and their hotel operations respectively. Recently, the company launched operations for Hampton by Hilton Hotel at Utrecht, Netherlands.

During Q2, the group reported that it increased its property development exposure in Dongguan in China with the acquisition of equity stakes in two mixed development projects, namely The Pinnacle in Chang’an and the Victory development land site in Wanjiang.