Dormitory operator Centurion Corp has reported earnings of $17.2 million for FY2020, down 83% from $99.96 million recorded in the preceding year.
However, in contrast to FY2019, where Centurion booked a revaluation gain of $66.3 million, for FY2020, the company recorded a net fair valuation loss of $27.6 million to better reflect market conditions caused by the pandemic.
The net fair valuation loss in FY2020 amounted to approximately 2.1% of its investment properties value, which stood at $1.3billion as at Dec 31 2020.
No dividend has been declared. For FY2019, the company paid total dividends of two cents per share.
SEE: Centurion Corp to book higher earnings on revaluation gain
Kong Chee Min CEO of Centurion Corporation says the pandemic has disrupted businesses globally.
“In this extraordinary year, the group has focused on mitigating the impact of disruptions due to Covid-19 by enhancing management and operational efficiencies, managing costs and conserving cash,” he says.
“We have also rationalized our portfolio and taken opportunities, where sensible, to grow our Assets Under Management and revenue streams,” adds Kong.
The company now has 35 operating assets spread across Singapore, Malaysia, South Korea as well as UK, US and Australia.
“Given our operating assets’ strategic locations, I believe occupancy and income are well-placed to benefit from the economic recovery in time to come,” says Kong.
Centurion shares closed Feb 25 at 35 cents, up 1.45%.
