The Sun, 28 November 2014 - Tropicana Q3 net profit climbs 24.5%

28 November 2014

Tropicana Corp Bhd's net profit for the third quarter ended Sept 30, 2G14 (Q3) rose 24.5% to RM29,5 million fi-om RM23.7 million a year ago, on the back of RM353-1 million revenue. For the nine months ended Sept 30,2014, net profit rose 19-8% to RM126.S milhon from RM105.8 million a year ago on revenue of RMi^oi billion. The group attributed the better financial performance to higher revenue recognition across key projects within the Greater Kuala Liompur (KL) such as Tropicana Gardens in Kota Damansara, Tropicana Heights in Kajang, Tropicana Metropark in Subang Jaya and Tropicana Danga Bay in Johor, "Tropicana deUvered commendable sales performance in the first nine months of its current financial year, chalking up new sales of RM1.2 billion in an environment where the overall property market remains soft amidst cooling measures and more stringent bank lending policies. This has sustained the group's unbilled sales at a high of RM2.7 billion as at endSeptember 2014," it said in a statement yesterday. The group plans to launch a series of landed property products next year, including the second phase of terrace and cluster houses in Parkfield Residences, Tropicana Heights, Kajang and the maiden launch of link houses in Tropicana Aman, an 863-acre mixed township project in Kota Kemuning, Shah Alam- It also plans to launch service residences in Tropicana Gardens. Tropicana's current landbank is close to 1,800 acres with fiiture potential gross development value (GDV) of over RM50 billion, "The near-term focus of the group will be to unlock value of its landbank in Greater KL, where potential GDV is in excess of RM24,5 billion, as well as those in the Northern Region with potential GDV of RM9.5 bilhon,'' it said..