Centurion reports 1Q22 revenue jumped 47 percent

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Centurion reported Tuesday its first quarter revenue climbed 47 percent on-year to S$45.1 million on higher contributions from new workers’ accommodation capacity.

In addition, the Singapore purpose-built workers accommodation (PBWA) portfolio performance improved, the company said in a filing to SGX.

Occupancies in the U.K. and Australia purpose-built student accommodation (PBSA) portfolio also improved during the quarter, Centurion said.

Occupancy of the PBWA portfolio increased to 82 percent in the January-to-March period, from 79 percent in the year-ago period, the accommodation company said.

For the PBSA portfolio, occupancy rose to 79 percent in the quarter, excluding the U.S. properties, up from 56 percent in the year-ago period, Centurion said.

In its outlook, the company said it was confident the demand for PBWA and PBSA would remain robust in the long term.

“With the economic recovery from Covid-19 underway, international travel resuming, populations of migrant workers and international students continue to expand across the geographies where Centurion operates,” the company said.

Centurion said it has 36 operational properties and 64,389 operational beds.