Tropicana posts RM46m profit in Q1

PETALING JAYA: Tropicana Corp Bhd’s net profit was flat at RM46.06 million for the first quarter ended March 31, 2019 compared with RM46.4 million in the same quarter a year ago.

Revenue for the quarter declined 53.7% to RM209.77 million from RM453.01 million, attributable to lower sales recorded in FY18 that had a carry-through effect on the results for FY19 as well as the completion of two development phases at Tropicana Aman in 2018.

Nevertheless, these were partly offset by the completion of the disposal of a piece of leasehold land in Bandar Damansara which contributed RM42.2 million to revenue and RM37.2 million to profit before tax.

The property developer has declared an interim dividend of 2.78 sen per share.

As at March 31, 2019, Tropicana delivered total unbilled sales of RM736.9 million, anchored by 14 ongoing projects and an existing landbank of 1,071 acres with a total potential gross development value (GDV) of RM48.6 billion.

Despite the challenging outlook of the property industry due to global and regional economic headwinds, the group believes that there will still be demand for properties in prime locations with attractive pricing.

“Moving forward, the group has in place a strong pipeline of future projects amounting to a GDV of approximately RM3.0 billion within its existing and new signature townships are expected to drive stronger performance.”

Source: TheSunDaily