PETALING JAYA: Property developer Tropicana Corporation Bhd and its group of companies today released its unaudited financial results for the first quarter ended 31 March 2017.

For Q1 under review, the group’s revenue jumped 33.1% to RM381.9 mil compared to RM286.9mil in the corresponding quarter last year.

In tandem with rising revenue in Q1 2017, Tropicana’s profit before tax (PBT) surged 55.7% to RM46.6 mil from RM29.8mil in Q1 2016 and its net profit surged 102.4% to RM34.0mil as opposed to RM16.8mil in the corresponding quarter last year. While its basic earnings per share increased from 1.05 sen to 2.27 sen.

The Group’s recent launches such as the third and latest residential phase, Cheria Residences and the first commercial phase, Sinaria Investment-Grade Shop Offices at Tropicana Aman in Kota Kemuning have had significant success.

In addition to that, Paisley, the third residential phase of Tropicana Metropark in Subang Jaya, Ridgefield Residences, the third residential phase at Tropicana Heights in Kajang as well as Dianthus Serviced Residences, the fourth phase and final tower of Tropicana Gardens in Kota Damansara were also well received.

According to the statement, Tropicana’s performance in the current quarter demonstrates continuous top and bottom line growth from the preceding quarter in Q4 FY2016, supported by the Group’s property development segment as their constructions progress and the sales of its recent launches on the marketplace gain momentum.

Tropicana is confident to deliver earnings growth in the near future as the Group’s unbilled sales remain healthy at RM2.3 billion as of 31st March 2017, and its developments in the Central Region continue to draw interest.

In FY2017, Tropicana’s strategy continues to be market driven and is focused on unlocking value ofits 1,283 acres of prime land bank with potential gross development value in excess of RM50.0bil in strategic locations in Klang Valley, along with Northern and Southern Regions. The group believes that there will still be demand for properties in prime locations that have accessibility to good amenities with attractive pricing.

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