Sunday, May 17, 2020

Dorm Operator reaps the profit, Taxpayers pay for Covid

Centurion Corporation is a company that runs workers’ dormitories.  Their financial statements are available on SGX website.

In FY2019, with a revenue of $133.3 million, they made a profit before tax of $111.0 million. 

In particular, the profit margin on the worker accommodation segment is 61%.

Now, taxpayers are footing the bill for the Covid infections due to the poor conditions in the dormitories.  Anyone else besides me feel this is astounding and not right?  Where is the accountability?

 


Source:

https://links.sgx.com/FileOpen/CCL-Presentation%20Slides%20on%204Q-FY2019%20results-2020%2002%2027.ashx?App=Announcement&FileID=598052

https://links.sgx.com/FileOpen/CCL-4Q-FY2019%20Results-2020%2002%2026_ENG.ashx?App=Announcement&FileID=597999