Centurion Corp reports 83% drop in earnings to $17.2 mil, skips dividend

Dormitory operator Centurion Corp has reported earnings of $17.2 million for FY2020, down 83% from $99.96 million recorded in the preceding year.

However, in contrast to FY2019, where Centurion booked a revaluation gain of $66.3 million, for FY2020, the company recorded a net fair valuation loss of $27.6 million to better reflect market conditions caused by the pandemic.

The net fair valuation loss in FY2020 amounted to approximately 2.1% of its investment properties value, which stood at $1.3billion as at Dec 31 2020.