Sin Chew Daily - Tropicana 2nd quarter earn 52.85 million

Kuala Lumpur, 29 October 2017 - Tropicana Corp Bhd’s (TROP, 5401, main market, property) net profit surged 58.63% to RM 52.85mil for the second quarter ended June 30, 2017 (2QFY17), 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 76.06% to RM 85.37mil.

Its quarterly revenue grew 24.1% to RM 444.4mil whereas its revenue for cumulative six months grew 28.1% to RM 826.26mil.

The group reported to Bursa Malaysia with dividend of 2 sen.

For the cumulative six months of FY17 (1HFY17), the group achieved new sales of RM 508.6mil and unbilled sales of RM 2.1bil. With more of new projects launching in second half of the year, the yearly revenue is foresee to increase.

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. 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.