Centurion's Q3 net profit inches 1% up to $7.4m

Westlite Woodlands and ASPRIWestlite Papan slightly boosted earnings.

Developer and manager Centurion Corporation Ltd. has posted a minimal net profit increase in 3Q16, up 1% from $7.36m to $7.4m.

This came as revenue came 14% higher to $28.1m, driven by its workers accommodation assets in Singapore, in particular Westlite Woodlands and ASPRIWestlite Papan which commenced operations in May 2016. Its student accommodation business also contributed positive top-line growth during the quarter.

Meanwhile, in line with expansion initiatives, finance cost rose by $1.1m due to the financing of ASPRI-Westlite Papan and the acquisition of four new student accommodation assets in the United Kingdom in July 2016.

“The Group continues to deliver healthy profits and cash flow despite the challenging operating environment. Our overall portfolio occupancy rates in Singapore and Malaysia are above market average and we are working hard to ramp up the occupancy of our latest asset, ASPRI-Westlite Papan," Centurion CEO Kong Chee Min said.

He furthered, "The student accommodation sector remains a bright spot, attracting institutional investors and sovereign wealth funds looking for stable yields. We have seen positive rental reversions for our assets in the UK and Australia, and continue to be on the lookout for selective investment opportunities.”