Unaudited financial results report revenue growth of 24.1%

PETALING JAYA: Tropicana Corporation Bhd and its group of companies announced on Aug 29 its unaudited financial results for the second quarter ended 30 June 2017.

According to the company’s statement, the group reported for the second quarter under review, a revenue yield of RM444.4mil, surging up by 24.1% compared to RM358.1mil registered in the corresponding quarter last year. This is derived from revenue generated from key projects across the Klang Valley and the northern region.

In tandem with rising revenue, Tropicana’s profit before tax grew by 86.3% to RM82.1mil from RM44.1mil in 2016. While its net profit increased 74.2% to RM55.4mil compared to RM31.8mil in the corresponding quarter last year, Tropicana’s earnings per share increased from 2.30 to 3.63 sen in quarter two for 2017 while net asset per share increased to RM2.21 from RM2.19 in the corresponding quarter last year.

For the first six months of the financial year ending 30 June 2017, Tropicana’s revenue rose 28.1% to RM826.3mil compared to RM645.0mil in the same period last year. The group’s profit before tax also increased 73.9% to RM128.5mil compared to RM73.9mil in the corresponding period last year while net profit rose 83.9% to RM89.3mil from RM48.6mil previously.

Regarding take up, The Residences at KL City Centre and Cheria Residences, the third residential phase at Tropicana Aman registered take-up rates of 85% and 80% respectively.

Meanwhile, the third residential phases at both Tropicana Heights and Tropicana Metropark, namely Ridgefield Residences and Tower A of Paisley Serviced Residences, also recorded 65% take up rates at each development.

For the first half of 2017, Tropicana achieved total new sales of RM508.6mil. The group’s unbilled sales stood at RM2.1bil as at 30 June 2017.

For the financial year 2017, Tropicana will continue to focus on being market driven and unlock the value of its strategic landbank located in the Klang Valley, Northern and Southern Regions.

Despite the softening consumer outlook, the group believes there will be continued demand for its properties in prime locations.

New launches include Dalia Residences, the fourth residential precinct of the Tropicana Aman township in Kota Kemuning, which consists of smart semi-detached, zero-lot homes and bungalows.

Tropicana also recently launched its new product line, Tropicana Urban Homes that predominantly targets first-time home buyers, young professionals and new families. These homes will adopt Industrialised Building Systems technology for better quality and a faster turnaround time.

Aman 1 will be the first collection of Urban Homes that will be launched. The group declared a first interim single-tier dividend of 2.0 sen per share on 21 August 2017 via the Dividend Reinvestment Scheme.