Centurion Corporation has reported earnings of $73.9 million for the 1HFY2025 ended June 30, down 38% y-o-y.
The group’s net profit after tax for the 1HFY2025 similarly came in 35% y-o-y lower at $83 million, due to reduction in net fair value gain on investment properties including those of associated companies.
These gains accounted for about 23% of the net profit after tax of $83.0 million in 1HFY2025. Excluding the one-off fair value adjustments, net profit after tax derived from the group’s core business operations rose 22% to $65.4 million in 1HFY2025.
Revenue for the period came in 13% y-o-y higher at $140.7 million, and gross profit came in 15% y-o-y higher at $108.6 million.
Centurion says that growth in revenue was driven by strong revenue contributions from both its Purpose-Built Worker Accommodation (PBWA) and Purpose-Built Student Accommodation (PBSA) portfolios, and new revenue stream that came into operations.
However, this was partially offset by a lower occupancy in Malaysia PBWAs, Australia and UK PBSAs, and negative currency impact due to a weaker Australian dollar.
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The group’s PBWA segment in Singapore saw a 17% y-o-y increase in revenue, but revenue in Malaysia remained largely flat as financial occupancy declined. The group’s Westline Sheung Shui became operational in November 2024 and has achieved financial occupancy of 28% for 1HFY2025.
Centurion’s PBSA segment saw revenue growth of 8% y-o-y in the UK, but a 6% decline in Australia mainly due to a weak Australian dollar. In Hong Kong, the two PBSA assets became operational by September 2024 and achieved an average financial occupancy of 40% in 1HFY2025.
The group’s built-to-rent (BTR) asset in Xiamen’s Gaolin, Huli district became operational in 2025. Average occupancy reached 47%.
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Earnings per share came in at 8.79 cents for the 1HFY2025, down from the 14.06 cents reported in the same period a year ago.
As at June 30, the group’s borrowings increased to $649.4 million due to the new fixed rate notes issued on Jan 31, 2025. Net gearing ratio for the end June stood at 27%, down from 29% in the previous half of the reporting year.
Cash and bank balances as at June 30 stood at $114.4 million. The group has unutilised committed credit facilities of $153.5 million (of which S$146.5 million relates to unutilised committed credit facilities expiring more than 12 months after balance sheet date) to meet
the net current liabilities of $41.4 million as at June 30.
The board has declared an interim dividend of 2 cents per share in 1HFY2025.
