Tropicana Corp sees Q2 earnings up 58.6%

PETALING JAYA: Tropicana Corp Bhd’s net profit soared 58.6% to RM52.85 million for the second quarter ended June 30, 2017 versus RM33.32 million in the same quarter a year ago, buoyed by higher contribution from its key projects across the Klang Valley and Northern region.

Revenue rose 24.1% from RM358.08 million to RM444.4 million.

The has proposed an interim dividend of two sen per share for the quarter under review.

Its six-month net profit jumped 76.1% from RM48.49 million to RM85.37 million. Revenue came in at RM826.26 million, 28.1% higher than RM645.01 million in the previous corresponding period.

Tropicana told Bursa that it achieved total new sales of RM508.6 million for the first half, with unbilled sales at RM2.1 billion as at June 30, 2017.

For FY2017, the group said it 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 given its accessibility, good amenities and attractive pricing,” it opined.

Tropicana shares fell one sen to 95 sen today, on some 129,100 shares done. It has a market capitalisation of RM1.39 billion.

Source: The Sun Daily

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