Sin Chew Daily - Tropicana 1Q profit double-up

Kuala Lumpur, 26 May 2017 – Attributed to its strong sales and advanced progress of construction, Tropicana Corp. Bhd. (TROP, 5401, main market, property) posted 114% higher net profit of RM 32.51mil from RM15.17mil a year ago for the first quarter ended March 31, 2017.

Its revenue for the quarter grew 33.09% to RM 381.9mil from RM286.9mil.

Tropicana Corp. Bhd. attributed the growth in its net profit and revenue to strong sales in its property projects and the advanced progress of construction in many of its ongoing projects.

The performance for the current quarter shown a surge in its net profit and revenue compared with the corresponding period of last year. It’s due to the advanced progress of construction from its property development department and also backed by the strong sales from the launches of latest projects.

Tropicana Corp. Bhd. is confident to register better performance this year with the group’s unbilled sales of RM2.3 billion as at the end of 1QFY17 and the continuous good take up rates from the group’s project launches in Klang Valley.

In 2017, the group will continue to adopt a hybrid strategy and focus on unlocking the 1,283 acres of landbank with a combined GDV exceeding RM 50bil for future developments. The group believes that there will still be demand for properties in prime locations that have accessibility to superb amenities and competitive pricing.