Higher progress billings keeps Tropicana Q2 earnings steady

  • Business
  • Thursday, 22 Aug 2019

KUALA LUMPUR: Property developer Tropicana Corp Bhd said higher progress billings across some of its on-going projects boosted its results in the second quarter ended June 30.

Net profit improved to RM39mil compared with RM38mil made a year ago. Revenue rose 6.4% to RM299.5mil, the company said in a statement today.

"Moving forward, the group remains well positioned to deliver sustainable earnings performance with unbilled sales standing at healthy level of RM830.6mil," it said.

This is anchored by 14 on-going projects and strategic approaches to unlock the value of over 1,071 acres of prime landbank in locations such as Klang Valley, Genting and southern regions with potential gross development value of RM48.6bil.

"Against a backdrop of cautious global and local economic outlook, the group believes that there will still be demand for landed properties and integrated developments in prime locations with good accessibility, wide range of amenities and attractive pricing," it said.

Tropicana will roll out a series of new projects worth RM3bil in the second half of 2019.

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