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Centurion Corp's Q2 net profit ticks up by 8%

SPECIALTY housing provider Centurion Corporation announced a net profit of S$9.77 million for the second quarter, up 8 per cent from a year ago.

Revenue fell 14 per cent to S$30.4 million, mainly attributable to the expiry of the lease on Westlite Tuas in Singapore which ceased operations in December 2017.

Earnings per share stood at 1.16 cents, down from 1.22 cents previously.

A dividend of 1 cent was declared.

Following the expansion into investment management services in November 2017, the group said that it is seeking investors in Singapore and Hong Kong in preparation for the establishment of a new student accommodation private fund as part of its asset light strategy.

In its outlook, the group aims to expand its total asset under management for student accommodation in existing as well as new markets of key education hubs in Europe and Asia.

It will continue to enlarge its accommodation portfolio through selective acquisition opportunities, strengthen its operational capabilities as well as pursue alternative growth prospects and new asset types to achieve sustainable growth, said Centurion.

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