Sin Chew Daily - Land sales improved; Tropicana earned RM46.06m in Q1

Kuala Lumpur, 17 May 2019 – Despite the business turnover dropped another half, 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 that contributed by the land disposal.

Tropicana Corp. Bhd. said in a filing with Bursa Malaysia, revenue for the quarter declined 53.69% to RM 209.77mil. Nevertheless, the disposal of leasehold land in Bandar Damansara contributed RM 37.2mil to profit before tax and RM 42.2mil to revenue.

Despite the challenging outlook of the property industry, the group believes that there will still be demand for properties in prime locations such as Klang Valley, Genting and Johor with attractive pricing.

The group has planned many future projects amounting to a gross development value (GDV) of approximately RM 3bil.