Nanyang Siang Pau - 2.78 sen dividend; Tropicana Corporation Berhad earn RM46.06 million in 1Q

Kuala Lumpur, 17 May 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) recorded marginally lower net profit of 0.7% at RM 46.06mil for the first quarter ended March 31, 2019, with earnings per share stood at 3.21 sen and declared its first interim dividend of 2.78 sen per share.

Tropicana Corp. Bhd. said in a filing with Bursa Malaysia, the group’s revenue recorded at RM 209.96mil that fell by 75% as compared to RM 85.4mil of profit before tax (PBT) recorded in the corresponding quarter last year, attributable to lower sales recorded in FY18.

Nevertheless, the disposal of leasehold land in Bandar Damansara contributed RM 37.2mil to profit before tax and RM 42.2mil to revenue.

Meanwhile, revenue for the quarter declined 53.7% to RM 209.77mil.

As at March 31, 2019, the group delivered total unbilled sales of RM 736.9mil that anchored by 14 ongoing projects and existing landbank of 1,071 acres with total potential gross development value (GDV) of RM 48.6bil.

Despite the challenging outlook of the property industry, the group believes that there will still be demand for properties in prime locations with attractive pricing.

Moving forward, the group has planned many future projects amounting to a GDV of approximately RM 3bil, which includes Tropicana Aman, Tropicana Metropark, Tropicana Gardens and Danga Cove in Iskandar Malaysia. The group will also launch its maiden development in Genting in the fourth quarter of 2019.