Tropicana Corp Bhd announced a revenue of RM402.8 million in its third quarter ended September 30, 2023 (Q323), marking a substantial 25.2% increase from the corresponding quarter the previous year.
The profit before tax (PBT) surged nearly five-fold, reaching RM24 million, compared to RM5 million in the same quarter last year.
The significant growth is attributed to the completion of land disposals in Kajang and Genting Highlands, totaling RM71 million, and the group’s cost rationalisation efforts.
The recent divestment of equity interests in subsidiaries further strengthened the PBT.
For the financial period ending September 30, 2023, Tropicana recorded a revenue of RM1.1 billion, a notable 48.6% increase from the preceding year, driven by higher progress billings and land disposals totaling RM205.6 million.
The PBT for this period was RM26.6 million, compared to a loss of RM92 million, mainly due to completed divestments.
Tropicana’s property investment, recreation, and resort segment experienced a significant improvement, evident in increased hotel occupancy rates.
The company remains optimistic about property demand in its prime locations and emphasises its commitment to sustainable community planning.
The management highlights positive developments, including successful sukuk redemption, award triumphs, strong property sales, and the launch of new developments with an estimated GDV of RM1.2 billion in 2023. – TMR