PETALING JAYA: Tropicana Corp Bhd’s net profit jumped 43.8% to RM33.32mil in the second quarter ended June 30, 2016, from the same period a year ago, on higher profit contribution from key projects and reduced finance charges from de-gearing measures.
In a filing with the stock exchange, the property developer said its revenue for the period was up 14.6% to RM358.08mil, from the previous year, underpinned by higher revenue recognition across key projects within the Klang Valley and northern region.
This translated to earnings per share (EPS) of 2.30 sen from 1.60 sen, a year ago.
No dividend was declared during the quarter under review.
For the cummulative six months, Tropicana’s net profit rose 14.2% to RM48.49mil against a lower revenue of 8.3% to RM645mil.
EPS improved to 3.35 sen from 2.97 sen.
With an unbilled sales of RM2.8bil as at June 30, 2016, Tropicana said it was well-positioned to achieve RM1.2bil new sales in financial year 2016.
“This is anchored by on-going projects and strategic approaches to unlock the value of over 1,300 acres of prime land with potential gross development value in excess of RM50bil,” it said.
While the prospects in 2016 remain challenging. Tropicana believed that there would still be demand for landed properties and integrated developments in prime locations with good accessibility, amenities and attractive pricing.
