Centurion posts 13% fall in Q1 revenue to S$30.7m

CENTURION Corporation saw a 13 per cent decline in revenue year on year to S$30.7 million for the first quarter ended March 31, 2021.

Revenue from the purpose-built student accommodation (PBSA) segment fell 38 per cent to S$7.7 million as travel restrictions impacted occupancy, especially in Australia.

Average financial occupancy for the PBSA portfolio was 56 per cent for Q1, compared with 85 per cent the year before. This excludes the US portfolio that is held under a private fund in which the group holds an interest of 28.7 per cent.

Revenue from workers' accommodation, the group's largest segment, was largely flat at S$22.8 million. Occupancy in Malaysia improved, while revenue came in from assets added in Q4 2020.

Excluding Westlite-PKNS Petaling Jaya in Malaysia and two quick-build dormitories (QBD) in Singapore, which are new assets, the average financial occupancy of the group's purpose-built workers accommodation portfolio was 84 per cent for Q1, compared to 89 per cent the year before.

The two Singapore QBDs had a financial occupancy of 84 per cent for Q1. Two additional QBDs totalling 4,048 beds, Westlite Jalan Tukang and Westlite Tuas South Boulevard, are expected to commence operations by Q3 2021.

In Malaysia, the group expects the ongoing asset enhancement of Westlite Tampoi to complete by July 2021, adding about 3,600 beds in Johor. Another 840 beds will be added after Centurion retrofits two existing workers accommodation blocks it acquired.

The counter closed flat at S$0.34 on Tuesday.