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Centurion posts 21% rise in Q3 net profit, makes new appointments

NET profit for Centurion Corporation rose 21 per cent to S$8.8 million in the third quarter ended Sept 30, the student and worker dormitory operator said in a Singapore Exchange filing on Tuesday.

Revenue rose 17 per cent to S$33.1 million on the back of new properties added to its operating portfolio as well as additional beds from an asset enhancement programme in RMIT Village Melbourne Australia and higher occupancy rates in its Singapore workers accommodation.

Earnings per share was 1.05 Singapore cents, up from 0.87 cent a year ago.

For the nine months ended Sept 30, net profit edged up 3 per cent to S$26.9 million and revenue rose 10 per cent to S$97.3 million. Earnings per share improved to 3.2 Singapore cents from 3.12 cents in the corresponding period of the previous year.

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No dividend was declared for the period under review.

"We have seen our growth strategy in the specialised accommodation business bear fruit, with our new assets in Australia, the UK and Singapore contributing to our strong performance," said Centurion CEO Kong Chee Min.

"We have increased our portfolio of beds by 18 per cent over the past year, which is yielding stable, recurring income streams and putting us on track to deliver growth for the full year."

In a separate filing, Centurion said that non-executive director Wong Kok Hoe would be redesignated to executive director and appointed deputy chairman of the board. He will cease to be chairman of the board and a member of the remuneration committee.

Mr Wong is the group chief operating officer and a director of Centurion Global and a director of Centurion Properties, a wholly-owned subsidiary of Centurion Global. Both entities are controlling shareholders of Centurion Corp.

The board also appointed Lee Wei Loon as independent non-executive director, a move which it said would "strengthen the board's capability and add to its diverse breadth of industry experience, knowledge and experience". Mr Lee was also appointed a member of the remuneration committee.

Centurion shares closed flat at S$0.425 on Tuesday before the announcements were made.