Centurion Corp's Q2 earnings drop in absence of one-off gains

SINGAPORE - Dormitory owner Centurion Corp has posted an 86 per cent drop in its second-quarter net profit from a year ago to $7.7 million, it said on Thursday.

This was largely due to gains it logged last year that were not repeated this year, including $20 million in profits from the sale of factory units it helped develop and sell, as well as a $36.4 million fair value gain on its investment properties.

Excluding these gains and other one-off items, Centurion's second-quarter profit from continuing operations would have risen 62 per cent over the previous year to $7.5 million.

The group's revenue increased 41 per cent in the three months to June 30 over a year ago to $19.9 million, on the back of contributions from newly-acquired properties and the expansion of some existing properties.

Centurion acquired student dormitory RMIT Village in Melbourne, Australia in February and expanded the bed capacity at Westlite Toh Guan and Westlite Mandai in Singapore.

Chief executive Kong Chee Min said Centurion will continue to explore "selected acquisition opportunities in Singapore as well as build on our presence in Malaysia and beyond".