Tropicana’s net profit up 71.5% in 1Q18

by TMR

Tropicana Corp Bhd’s earnings jumped 71.5% year-on-year (YoY) to RM46.4 million in the first-quarter ended March 31, 2018 (1Q18) due to cost savings and advanced progress of projects.

Revenue for the quarter climbed 21.2% YoY to RM453.01 million reflective of higher progress billings from advanced stages of construction work for many of the group’s ongoing property projects, Tropicana told Bursa Malaysia yesterday.

The company said it will continue to focus on introducing new phases across its signature developments namely Tropicana Heights, Tropicana Aman, Tropicana Metropark and Tropicana Danga Cove, which are expected to continue contributing positively to group earnings.

Steady recurring income stream is expected from the group’s property investment portfolio, including international schools and the 150-room W Hotel in Kuala Lumpur, which is targeted to be operational in the second half of 2018.

The property developer will continue focusing on unlocking landbank value in strategic locations across the Klang Valley and the northern and southern regions.