Dormitories operator Centurion Corp has reported earnings of $32.9 million for its 1HFY2022 ended June, up 277% y-o-y.
Revenue in the same period was up 40% to $90.5 million, as its business recovered from the worst of the pandemic.
Centurion’s bottomline was partly also lifted by a net fair value gain on investment properties of $9.5 million in 1H 2022, compared to a fair value loss of $14.5 million recorded in 1H 2021.
If the adjustments were excluded, the company’s earnings from operations was an increase to $29 million from $20.4 million in 1HFY2021.
CEO Kong Chee Min calls the 1HFY2022 numbers a “sterling” one, and one that “reflects the resilience and sustainability” of its business, that is “firmly on track” to benefit from the return of foreign workers and international students.
Kong says the company is conducting a “strategic review” of its markets and assets with an eye on enhancing the value of its portfolio of assets and income stream from the properties.
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The company plans to pay an interim dividend of 0.5 cent per share.
Centurion shares closed Aug 11 at 38 cents.
