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

Published on Aug 14, 2014 10:30 AM

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.

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