First Sponsor Group’s net profit plunged 54.4% to $21.7m in FY14

Due to lower revenue from property sales.

Chinese property developer First Sponsor Group today reported that its net profit plunged 54.4% to $21.7m in FY14, on back of lower revenue from property sales.

The group’s revenue for the year decreased by 2.7% to $153.2m, mainly due to mainly due to lower revenue contributed from the relinquishment of the Chengdu Wenjiang Interest of $45.5m in FY14, compared to the revenue recognised from the sale of Humen Zhenbiao Project of $79.3m in FY13.

In addition, Chengdu Cityspring project recognised lower revenue of $8.3m on 53 commercial units and 61 car park lots in FY2014, compared to $65.8m from 9 residential units, 583 commercial units and 329 car park lots in FY2013.