Centurion posts 90% fall in Q4 net profit on absence of fair-value gains

SINGAPORE - Centurion Corp has posted a net profit of S$7.59 million in the fourth quarter, down 90 per cent from the same period a year ago due to the absence of fair valuation gains it recorded in 2014.

Net profit from core business operations was S$9.20 million, down 9 per cent from a year ago.

Revenue in the three months ended Dec 31 was S$28.29 million, up 8 per cent from a year ago, as the accommodation business posted a 13 per cent growth in revenue.

This was due mainly to Westlite Woodlands workers accommodation obtaining its temporary occupation permit in July last year, and higher rents and occupancy in Centurion's workers accommodation portfolio.

Full-year net profit came in at S$33.98 million, down 69 per cent from a year ago.

Fourth quarter earnings per share stood at 0.99 cents, down from 9.64 cents a year ago.

Net asset value per share was 53.49 cents as at Dec 31, up from 51,61 cents in December 2014.

A final dividend of 1 cent per share was declared, resulting in a total dividend of 1.5 cents per share for full year 2015, unchanged from 2014.