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I
CENTURION CORPORATION LIMITED
I
ANNUAL REPORT 2013
DEAR SHAREHOLDERS,
FY2013 has been a good year for the Group as we
continued to grow our Accommodation Business
and achieved an overall Group net profit in FY2013 of
S$92.2 million. Excluding fair value gains and a one-off
impairment charge, the Group’s recurring net profit in
FY2013 rose 23% year-on-year to S$18.8 million against
revenues of S$66.4 million. Our Accommodation
Business grew a robust 43% to achieve S$19.6 million in
net profit. This business nowaccounts formore than70%
of our Group’s revenue and we believe its contribution
will continue expanding in the years to come.
HEART OF OUR GROWTH
During the year, we successfully executed our growth
plans bynot onlydiversifyingour accommodationassets
and expanding geographically, but also enhancing our
returns via strategic asset enhancement initiatives.
In Singapore, we are glad to have strengthened our
accommodation portfolio by adding 6,300 beds in
JOINT CHAIRMAN AND CEO
STATEMENT
MR WONG KOK HOE
Chairman
MR KONG CHEE MIN
Chief Executive Officer
Westlite Mandai, a 45% owned joint venture with Lian
Beng Group, which went fully operational in the last
quarter of FY2013. The asset enhancement initiative
undertaken at Westlite Toh Guan has proceeded
smoothly during the year and was completed as
planned in January 2014, increasing its bed count from
approximately 4,800 beds to 8,600 beds.
Significantly, we successfully won the bid for a new
dormitory site in Woodlands with a capacity for 4,100
beds. Sites with a 30-year lease tenure for workers
accommodation in Singapore are hard to come by and
we are indeed encouraged by the prospects of this
project. Planning has since commenced for the site and
the development is expected to complete in the second
half of 2015.
Singapore continues to be our home market where
there remains a shortage of purpose-built workers
accommodation. Nonetheless, as part of our ongoing
growth strategy, we are constantly looking for