Nanyang Siang Pau - Tropicana first season net profits turns folds

Kuala Lumpur, 30 August 2017 - Tropicana Corp Bhd’s (TROP, 5401, main market, property) net profit surged 58.6% to RM 52.85 mil, or 3.63 sen per share, for the second quarter ended June 30, 2017 (2QFY17) and announced dividend of 2 sen as well.

The group reported to Bursa Malaysia that its net profit of same quarter in a year ago was RM 33.32 mil or 2.3 sen on higher revenue.

According to statement, its quarterly revenue grew 24.10% to RM 444.4mil from RM 358.08mil last year, contributed by the fast property development operations around Klang valley and northern region.

For the cumulative six months of FY17 (1HFY17), its net profit jumped 76% to RM 85.37mil or 5.9 sen a share. Its revenue grew 28.1% to RM 826.26mil.

Going forward, while the short-term prospects are expected to remain challenging, Tropicana said the group believes that there will still be demand for properties in prime locations with accessibility to good amenities and attractive pricing.

The group will continues to be market-driven and is focused on unlocking the value of its landbank in the Klang Valley, in the northern region, as well as in the southern region.