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[SINGAPORE] Property developer First Sponsor reported a 59.2 per cent increase in earnings to S$19 million in H1 2025 from S$11.9 million in H1 2024, in a bourse filing on Monday (Jul 28).
The earnings growth was mainly driven by a higher share of profits from associates and joint ventures. However, revenue for H1 2025 fell 11 per cent to S$153.9 million from S$172.9 million in H1 2024.
The drop in revenue was mainly the result of a fall in revenue from the sale of development properties, property financing and hotel operations. This was offset by an increase in rental income from investment properties.
The company’s Chinese projects continued to be dogged by subdued presales amid a prolonged weakness in property market sentiment.
Neo Teck Pheng, the developer’s chief executive, said: “The group continues to adopt a long-term perspective on the sales cycle, and has generally refrained from any significant price cut.”
The board has approved an interim dividend of S$0.011 a share for FY2025, the same amount as in FY2024.
Neo said: “Backed by a strong balance sheet and substantial unutilised committed credit facilities, the group is in a sound financial position to not only navigate through the geopolitical and economic challenges and uncertainties, but to also capitalise on any favourable business opportunities that may arise.”
The company’s shares closed unchanged at S$1.05 on Monday.
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