Centurion’s 3Q earnings up 6% to $7.8 mil on dorm business

SINGAPORE (Nov 15): Centurion Corporation reported a 6% rise in 3Q16 earnings to $7.8 million on the back of workers and student accommodation business.

Revenue for the quarter increased 14% to $28.1 million, driven by workers accommodation assets in Singapore and the student accommodation business.

Westlite Woodland and ASPRI-Westlite Papan have both obtained their temporary occupation permits with average occupancy rate of 75% and 20% respectively. Centurion’s three other workers accommodation assets have obtained 95% average occupancy. The company’s student accommodation contributed $6.5 million in revenue for 3Q16, driven mainly by CSL Selegie and new accommodation assets in the UK, as well as positive rental revisions from assets in UK and Australia.

---

Related Stories

• Australia’s social media ban for under 16s to become law
• Can SGX afford to wait up to a year for reforms?
• UOBKH calls Centurion Corp a stock for ‘growth-minded investors’

---