Earnings fell at Centurion Corp in the first quarter after the expiry of the lease of its Westlite Tuas facility, which shut in December.
Net profit fell 15 per cent to $9.13 million, while revenue for the three months to March 31 dropped 17 per cent or $6 million to $30.1 million from the previous year.
However, Centurion posted a higher gross profit margin of 72 per cent compared with 67 per cent a year earlier due to the absence of a $1.2 million amortisation cost related to intangible assets on the Westlite Tuas lease. Investment properties increased by $10.5 million, mainly due to renovations at the group's workers and student accommodation assets in Malaysia, Australia and Britain.
Earnings per share were 1.09 cents, down from 1.45 cents a year earlier, while net asset value per share was 56.31 cents compared with 55.06 cents as of Dec 31.
Chief executive Kong Chee Min said: "2017 was a strong year for the group as it benefited from the lease extension of Westlite Tuas by nine months. "While the performance was lower due to the lack of Westlite Tuas' contribution, the performance of our existing portfolio of assets remained strong (in the first quarter).
"The group also has a steady pipeline of assets under development and an asset enhancement programme at RMIT Village...
AT A GLANCE
REVENUE: $30.1 million (-17%)
NET PROFIT: $9.13 million (-15%)
"These projects will add 7,040 beds to the portfolio and position us for future growth in the workers and student accommodation segments."
Separately, the board announced two appointments: Mr Teo Peng Kwang as an executive director and Ms Tan Poh Hong as an independent non-executive director.
Mr Teo has been chief operating officer of the group's accommodation business since August 2011.
Ms Tan was chief executive of the Agri-Food and Veterinary Authority from May 2009 to September last year.