PETALING JAYA: Tropicana Corp Bhd recorded net profit of RM15.17mil in its first quarter ended March 31.
In the corresponding quarter last year, the property developer’s profit was higher due to a one-off gain of RM5.9mil from land sale.
Excluding contribution from its disposed subsidiary Tenaga Kimia Sdn Bhd, the group said its net profit for the quarter was up by 2.8% from RM14.8mil a year ago.
Tropicana also saw its revenue dip by 26.6% to RM286.93mil, attributed to the revenue from a land sale of RM106.8mil in the same quarter a year ago.
Excluding the land sale, the group said its revenue was marginally higher than a year ago, by 1%.
In its announcement to Bursa Malaysia yesterday, the group reported an earnings per share of 1.05 sen for the quarter.
Tropicana said its performance for the quarter was satisfactory, driven substantially by the group’s property development division.
It added that its finance cost had almost halved to RM7.8mil from RM14.7mil a year ago, reflecting its success in executing its asset divestment strategy to reduce borrowings.
Its unbilled sales, it said, remained healthy at RM3bil as at March 31, 2016 and would continue to fuel the group’s earnings performance in the next two to three years.
“The group’s strategy for 2016 will continue to be market-driven and adapt to market demand while focusing to unlock value of its landbank in the Klang Valley, as well as in the northern region,” it said.
The group has a landbank of over 1,600 acres across Malaysia with a potential gross development value of more than RM50bil.
In the current financial year, Tropicana plans to launch over RM1.5bil worth of new projects, including new phases of Tropicana Aman in Shah Alam and Tropicana Heights in Kajang.
Plans are also in place to launch the fourth residential tower in Tropicana Gardens, Kota Damansara.