Nanyang Siang Pau - Tropicana Corp earn RM 39.02 million in 2Q net profit

Kuala Lumpur, 23 August 2019 - Tropicana Corp Bhd’s (TROP, 5401, main market, property) net profit went up 2.69% to RM 39.02mil for the second quarter ended June 30, 2019.

In a filing with Bursa Malaysia, the group’s net profit was at RM 38mil a year ago.

At the month end of June, quarterly revenue grew 6.41% to RM 299.45mil from RM 281.43mil previously.

“The growth in revenue is mainly due to the higher progress billings across some of its key existing ongoing projects.”

For the first half of its financial year, the group’s net profit rose 0.81% to RM 84.40mil while cumulative revenue fell 30.66% to RM 509.22mil.

“Profit before tax fell 48.4% to RM 77.61mil, mainly due to the increase profit in the development projects.”

Bigger challenge in property industry

Despite the challenging global and domestic environment, Tropicana said there will still be demand for landed properties and integrated developments in prime locations with good accessibility, wider range of amenities and attractive pricing.

“The group will continue to focus on release prime landbank located in strategic locations across Klang Valley, Genting and the southern regions.”