Land sale lifts Tropicana Q2 revenue 


KUALA LUMPUR: Property developer Tropicana Corp Bhd delivered higher revenue in the second quarter, boosted by the completion of land sales in Johor Baru.

The company said revenue increased 12.1% to RM335.7mil in the three-month ended June 30 compared with RM299.4mil a year ago.

Tropicana had completed the disposals of two parcels of freehold development lands in Johor Bahru for RM241.8mil cash.

Pretax profit surged 79.5% to RM101.6mil. The land sale contributed a total gain of RM108.7mil.

"During the period under review, Tropicana achieved unbilled sales of RM679.4mil, anchored by ongoing townships, commercial and resort themed projects as well as existing landbank of 2,344 acres with a total potential GDV of RM70bil," it said in a statement today.

In the second half of FY20, the Group expects to roll-out a series of new developments and phases with a GDV of RM1.8bil.

"While growth prospects are expected to be subdued in the short-term, Tropicana believes that there will still be demand for properties in prime locations with attractive pricing, innovative ownership packages and offerings, especially for first-time homebuyers," it said.

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