Fair-value gains boost Centurion's Q4

Singapore

FAIR-VALUE gains from the investment properties of Centurion and its joint venture, stemming from a change in accounting policy from a cost to fair-value model, boosted Centurion Corp's fourth-quarter net profit to $26.9 million for the three months ended Dec 31.

A year ago, it was just $5.2 million.

Excluding fair-value gains, the accommodation assets manager said that Q4 net profit would have been a rise of 19 per cent to $5.6 million.

A fair-value gain of $14.7 million on its workers' dormitory in Mandai, versus a fair-value loss of $2.4 million a year ago, led its share of results of associates and jointly controlled entities to turn around to a $16 mil…