KUALA LUMPUR: Tropicana Corp Bhd plans to roll out exciting residential or commercial developments across Malaysia, with an estimated gross development value (GDV) of RM4bil.
“We expect our financial position to strengthen with the upcoming handover of six vacant possessions this year from Tropicana Aman, Tropicana Miyu, Tropicana Metropark, and Tropicana Uplands. We are also enhancing our digital and customer loyalty segment, offering more benefits and rewards to our purchasers and business partners,” the developer said in a statement.
Tropicana’s pre-tax profit surged by nearly 28-fold in the first quarter ended March 31, 2024 (1Q24), following higher progress billings from projects in the Klang Valley, Southern and Northern Regions, as well as the land disposal in Gelang Patah worth RM21.3mil.
Its pre-tax profit increased to RM22.3mil in 1Q24 as compared to RM0.8mil in 1Q23.
However, Tropicana reported a wider net loss of RM9.08mil in 1Q24, partly dragged down by a RM16.5mil income tax expense.
On the other hand, the group’s revenue rose by 13.5% year-on-year to RM291.3mil in 1Q24.
Tropicana noted that its balance sheet continues to strengthen, with gross gearing level reduced from 0.74 times in the financial year of 2023 to 0.68 times as of March 31, 2024.
This was achieved due to Tropicana’s ongoing initiatives to enhance sales performance as well as monetise its landbank and investment properties.
“Tropicana recorded high unbilled sales of RM2.4bil and possesses a sizeable landbank of 1,842 acres with an estimated GDV of RM120bil, placing the group in a good position to deliver sustainable performance in the next few years,” it said.