Fair value loss cuts Centurion's Q4 earnings by almost two-thirds
S$2.9 million profit comes on 23 per cent higher revenue of S$35 million
CENTURION Corporation on Wednesday reported a 61 per cent drop in net profit to S$2.9 million for its fourth quarter, which translates to an earnings per share of 0.4 Singapore cent, down from 0.99 cent a year ago.
This was due to a large fair value loss it suffered on its workers' accommodation asset in Toh Guan, after it had to reduce its number of beds, following its discovery that the bed capacity of the property was about 800 more than what was granted by the authorities.
This contributed to most of the S$32.4 million fair value loss on its workers' accommodation assets in 2016, which was partially offset by fair value gain on its student housing properties.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wall Street bulls say stock rally can resume even without rate cuts
Yen tumbles to 34-year low; US dollar gains after inflation data
Fed repricing gives rise to new equities playbook in Asia
Dasin Retail Trust’s creditor to repossess director’s properties over loan default
Is Jurong Island’s carbon test bed too small and conservative? A*Star institute head thinks not
Tech rally propels emerging stocks to best week since July