The Sun - Tropicana Second-quarter Revenue Up 8.4% on Improved Property Investment, Resort Ops
PETALING JAYA: Tropicana Corp Bhd's revenue for the second quarter ended June 30, 2022 jumped 8.4% to RM211.43 million from RM194.98 million in the corresponding quarter in the preceding year, buoyed by an improvement in the group's property investment, recreation and resort operations on the back of the reopening of borders since April 1,2022.
Tropicana senior managing director Joanne Lee shared that the group's sales and partnership campaigns as well as the progressive rebound in economic activity will help spur the growth of the group.
"This year Tropicana launched many proactive campaigns, which received positive feedback. We will continue to leverage on these customer-centric campaigns to secure more sales and remain optimistic about the group's long-term prospects. In addition, we will continue to develop and market Tropicana townships at various strategic locations, which are expected to contribute positively to the future earnings of the group.
"To accelerate growth, we continue to unlock our landbank offering eight new developments with a GDV of over RM2.9 billion. We will continue to innovate our projects, as we adapt to the market sentiment," Lee said.
Even though the revenue was up, the group recorded a pretax loss of RM61.46 million as compared to a pretax loss of RM43.49 million in the corresponding quarter in the preceding year mainly due to lower progress billings across key projects in the Klang Valley and Southern Region as most of the projects are in the early to mid-stages of construction.
For the six months period, the group recorded lower revenue of RM434.73 million, mainly attributed to lower progress billings across key projects in the Klang Valley and Southern Region as most of the projects are in the early to mid-stages of construction.
The group's pretax loss was recorded at RM96.96 million as compared to pretax loss of RM24.15 million in the corresponding period in the preceding year mainly due to lower progress billings. Notwithstanding the loss of the period, the group's property investment, recreation and resort operations have shown a significant improvement in their performance as a result of the reopening of borders for travellers from all countries effective from April 1,2022.
