• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

SGX-listed company Centurion Corp clarifies media reports in relation to its Q4 2019 and FY 2019 net profits

by Stephen Netto
21/05/2020
in Current Affairs, Finance
Reading Time: 3 mins read
2

In a statement on Monday (18 May), the board of directors of Centurion Corporation Limited offered clarification to recent media reports, including an article in the Straits Times on 16 May titled ‘Why foot the bill for dorm operators that have profited for years?‘, citing the Group’s (Centurion Corp together with its subsidiaries) profit numbers in connection with discussions on the workers accommodation business in Singapore.

The media reports and commentary in question have mentioned that the Group reported net profits of S$73.1 million and S$103.8 million for the fourth quarter ended 31 December 2019 (Q4 2019) and full-year ended 31 December 2019 (FY 2019), respectively.

The Company clarified that the net profit figures referred to in the media reports include a one-time net fair valuation gains of S$66.3 million recorded during Q4 2019.

Fair valuation gains and losses are recorded during the fourth quarter of each year as the Company, based on its accounting policy, has its investment properties re-valued by independent valuers at year end.

As fair valuation gains or losses are non-cash items and do not reflect a company’s operating performance, the Group discloses Net Profits from Core Business Operations excluding such one-off accounting gains or losses, consistently in the Company’s results announcements annually as well as in the Company’s annual report.

Unlike what was stated in the media reports, excluding one-off items, Net Profit from the Group’s Core Business Operations attributable to equity holders was S$11.3 million in 4Q 2019 and S$38.2 million for FY 2019, respectively.

According to the Group, these numbers are more representative and were derived from its global portfolio, which includes the Purpose Built Workers Accommodation (PBWA) business in Singapore and Malaysia, as well as the Purpose Built Student Accommodation in Singapore, Australia, the UK, US, and South Korea.

The Group revealed that its PBWA business accounted for about 65 per cent of the Group’s revenue for FY 2019, of which the share of Singapore and Malaysia business accounted for approximately 88 per cent and 12 per cent, respectively, of the total revenue from the PBWA business.

The Group went on to explain that its PBWA business involves real estate development and investment which is capital intensive, and requires financing from banks and financial institutions.

It added that the total value of its PBWA assets, as at the end of FY 2019, was approximately S$873.8 milllion. The Returns on PBWA business from its assets deployed was 6.57 per cent in FY 2019.

The segment margins, as previously released in the form of presentation slides for FY2019 results, does not include the financing costs to fund the development of these PBWA properties and the depreciation costs for the use of these operational properties.

The Group assured that it adopts the fair valuation model to fair value its properties annually and accordingly these properties are not required to be depreciated under the accounting rules. This is said to be in line with most real estate companies in Singapore.

“Centurion is committed to providing sustainable, safe and high-quality accommodation properties as well as developing management platforms and expertise to deliver living environments that meet regulatory and ethical standards, and are conducive to the mental and physical wellness of its migrant workers and student residents,” the statement concluded.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Leong Mun Wai calls for a reset of housing policies to deliver affordable and accessible HDB flats and protect retirement adequacy
Politics

Leong Mun Wai calls for a reset of housing policies to deliver affordable and accessible HDB flats and protect retirement adequacy

07/02/2023
LTA revises ERP rates up after latest review; Gantries reach as high as S$5 for 8:30am – 9:00am
Singapore

LTA revises ERP rates up after latest review; Gantries reach as high as S$5 for 8:30am – 9:00am

07/02/2023
Stern warnings was an “in-between” solution as CPIB lacks sufficient evidence to prosecute six former KOM executives for bribery, said Indranee Rajah
Parliament

Stern warnings was an “in-between” solution as CPIB lacks sufficient evidence to prosecute six former KOM executives for bribery, said Indranee Rajah

06/02/2023
19-year-old delivery rider in China covers 5km in 22 minutes to deliver antivenom to woman who had bitten by snake
China

19-year-old delivery rider in China covers 5km in 22 minutes to deliver antivenom to woman who had bitten by snake

06/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

Adani shares dive again as Indian opposition stages demos

06/02/2023
Josephine Teo defends SPH Media Trust in Parliament on its circulation scandal; Commitment of S$900 million funding will still be made available
Singapore

Josephine Teo defends SPH Media Trust in Parliament on its circulation scandal; Commitment of S$900 million funding will still be made available

06/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
2 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Latest posts

Leong Mun Wai calls for a reset of housing policies to deliver affordable and accessible HDB flats and protect retirement adequacy

Leong Mun Wai calls for a reset of housing policies to deliver affordable and accessible HDB flats and protect retirement adequacy

07/02/2023
LTA revises ERP rates up after latest review; Gantries reach as high as S$5 for 8:30am – 9:00am

LTA revises ERP rates up after latest review; Gantries reach as high as S$5 for 8:30am – 9:00am

07/02/2023
Stern warnings was an “in-between” solution as CPIB lacks sufficient evidence to prosecute six former KOM executives for bribery, said Indranee Rajah

Stern warnings was an “in-between” solution as CPIB lacks sufficient evidence to prosecute six former KOM executives for bribery, said Indranee Rajah

06/02/2023
19-year-old delivery rider in China covers 5km in 22 minutes to deliver antivenom to woman who had bitten by snake

19-year-old delivery rider in China covers 5km in 22 minutes to deliver antivenom to woman who had bitten by snake

06/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

Adani shares dive again as Indian opposition stages demos

06/02/2023
Josephine Teo defends SPH Media Trust in Parliament on its circulation scandal; Commitment of S$900 million funding will still be made available

Josephine Teo defends SPH Media Trust in Parliament on its circulation scandal; Commitment of S$900 million funding will still be made available

06/02/2023
Japanese-Canadian junior high school girl breaks national record with 3km in 9:02 mins

“I want my normal life back,” Sherry Drury withdraws from National Junior High School Tournament due to overheated public attention

06/02/2023
FY2023 Budget Statement to be delivered by Lawrence Wong on 14 Feb, 3.30pm

FY2023 Budget Statement to be delivered by Lawrence Wong on 14 Feb, 3.30pm

06/02/2023

Trending posts

Cognizant India transfers staff to work in Singapore as recently as this year

Local IT grads can’t find jobs while engineers constantly transferred from India to work in SG under CECA

by Correspondent
05/02/2023
96

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
47

...

Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

by Correspondent
03/02/2023
26

...

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

No response from Josephine Teo on whether Mediacorp has been instructed to stop coverage of SMT circulation scandal

No response from Josephine Teo over alleged blackout of coverage by Mediacorp over SMT circulation scandal

by Terry Xu
06/02/2023
11

...

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

by The Online Citizen
02/02/2023
19

...

May 2020
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Apr   Jun »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz