The Sun - Tropicana Q1 net profit rises, aided by cost-saving measures

Tropicana Corp Bhd's net profit for the first quarter ended March 31 rose 71.5% to RM46.40 million from RM27.06 million recorded in the corresponding quarter a year ago, thanks to its cost-saving initiatives and ability to align its growth strategies to suit the changing market environment.

Revenue for the quarter increased 21.2% to RM453.01 million from RM373.68 million, a result of the high number of progress billings made from its various signature developments.

Tropicana has declared an interim dividend of 1.6 sen per share to date.

As at March 31, Tropicana registered total unbilled sales of RM1.2 billion.

While the overall short-term prospects for the industry are expected to remain challenging, the group believes that there will still be demand for properties in prime locations with attractive pricing.

On Bursa Malaysia yesterday, Tropicana fell 1.7% to close at 88.5 sen on volume of 36,500 shares.