Tropicana swings into the red in 1Q

Tropicana is famed for its lush and serene township developments

KUALA LUMPUR: Tropicana Corp Bhd posted a net loss of RM33.39mil in the first quarter ended March 31 (1Q22) compared with a net profit of RM2.34mil in the same quarter a year ago, mainly due to its hotel business which has not fully recovered from the Covid-19 pandemic.

Its revenue fell 7.16% to RM223.29 in the first quarter from RM240.53mil a year ago.

Tropicana said the decrease in revenue is mainly contributed by lower progress billings across key projects in the Klang Valley and southern region as compared to the corresponding quarter in the preceding year.

Group managing director Dion Tan said the group’s aggressive sales and partnership campaign as well as gradual economic recovery will help spur the growth of the group.

“To accelerate our growth, we also plan to launch up to RM2.9bil worth of properties in 2022.

“We believe these campaigns will be timely and appeal to the property seekers following the opening of international borders. We will continue to innovate our projects, as we adapt to the market sentiment while staying true to our Tropicana development DNA,” he said.