SINGAPORE (Aug 12): Centurion Corp, the operator of workers and student dorms, posted a 10% decline in 2Q earnings to $8.9 million from a year ago.

This was due to higher finance costs that had increased by $2.5 million as a result of the group’s expansion initiatives.

Revenue rose 9% to $28.7 million, mainly due to contributions from the group’s diversified assets in workers and student accommodation, which grew 13%.

“With the opening of ASPRI-Westlite Papan workers accommodation in Singapore in May 2016 and the recent acquisition of four more student accommodation assets in the UK… we are confident that we can maintain positive growth and deliver long-term value for our shareholders,” says CEO Kong Chee Min.

Looking ahead, the group says it remains focused on the long-term demand for workers accommodation in Singapore and Malaysia. It will also explore greater opportunities in the asset enhancement and expansion of its student accommodation portfolio in new and existing markets.

The board has declared an interim dividend of 1 cent per share.

Shares of Centurion Corp last traded at 36 cents.

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