Tropicana’s third quarter results boosted by higher progress billings


PETALING JAYA: Tropicana Corp Bhd’s net profit for the third quarter ended Sept 30, 2017 rose 2.00% to RM35.49 million from RM34.80 million a year ago due to improved operational profits.

In a filing with Bursa Malaysia, the group said its operational profits rose 56.9% due to cost savings and advanced progress of projects.

Revenue for the quarter rose 29.79% to RM463.47 million from RM357.08 million a year ago, reflecting higher progress billings from advanced stages of construction work for the group’s ongoing projects.

For the nine months ended Sept 30, 2017, net profit rose 45.12% to RM120.86 million from RM83.28 million a year ago, while revenue rose 28.71% to RM1.29 billion from RM1.00 billion a year ago.

The group declared a first interim single-tier dividend of two sen per share.

Moving forward, the group is confident of demonstrating resilience despite the challenging short term prospects for the property development industry.

“This is backed by RM1.9 billion of unbilled sales, which will contribute strongly to the group’s earnings over the next few years. Tropicana plans to further strengthen its brand presence and maximise the shareholders’ value by unlocking the value of its 898.6 acres of land bank with potential gross development value of RM42.8 billion,” it said.

Tropicana’s share price fell 3 sen or 3.23% to close at 90 sen with a total of 3.41 million shares traded.

Read the original story on: TheSunDaily.My