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...

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