The Sun - Tropicana Reports Q1 Net Profit of RM2.3m

PETALING JAYA: Tropicana Corp Bhd posted a net profit of RM2.34 million in the first quarter ended March 31, 2021, 54.56% lower than RM5.16 million in the same quarter of the previous year mainly due to higher income tax.

The property developer's revenue soared 68.52% to RM240.53 million from RM142.73 million previously due to higher sales and progress billings across key projects in the Klang Valley and Southern Region amid more favourable market conditions as compared to the corresponding quarter in the preceding year which was affected by the MCO.

Tropicana group managing director Dion Tan said the group delivered positive results despite the unprecedented times and will continue to be cautiously optimistic about the growth of the group.

"One reliable measure is to be agile and react promptly to market appetite. We will continue to monitor the market closely. Our flexible homeownership solutions such as Tropicana 100 campaign have received favourable responses.

For Q1'21, the group attributed the higher sales and revenue to its current and upcoming developments across its Tropicana townships such as Tropicana Miyu condominiums at Petaling Jaya and Shoppes & Residences (South), a mixed development comprising retail lots, and serviced apartments at Tropicana Metropark, Subang Jaya.

The group continues to record an excellent uptake for Edelweiss SOFO and Serviced Residences, the fifth and final tower of its signature Tropicana Gardens development.

It also plans to launch Freesia Residences (Kota Kemuning), TwinPines Serviced Suites (Pahang), Summit Commercial Hub (Johor), and Tropicana Cenang (Langkawi).

For the period under review, Tropicana's unbilled sales were RM1.1 billion, backed by its unique residential, commercial and resort-themed developments.