Nanyang Siang Pau, 21 February 2014 – Trop full-year net profit hike 112%
Nanyang Siang Pau, 21 February 2014
Tropicana Corporation Berhad net profit surged 112% in FY13
(Kuala Lumpur, 20 February 2014) Property developer Tropicana Corporation Berhad registered strong growth in FY 13 when net profit surged 112%.
Group net profit rose 111.81% to RM362.3 million, as compared to RM171.05 million in year 2012. For the full financial year that ended on 31 December 2013, Group revenue rose by 134.07% to RM1, 475.50 million as compared to RM630.36 million achieved in year 2012. Tropicana’s net profit attributable to shareholders surged 313% to RM256.5 million from RM61.2 million reported in the previous corresponding quarter. For the fourth quarter under review, Group revenue increased 89.74% to RM444.7 million from RM234.4 million a year ago.
New sales record high of RM2.16 billion
Tropicana’s stellar performance in 2013 was boosted by strong development sales, with key contributing development projects at Iskandar Malaysia and Klang Valley.
Success in implementing its transformation strategy has enabled Tropicana to achieve key milestones in its development activities, where new sales in 2013 reached a record high of RM2.16 billion. Consequently, the Group’s unbilled sales at the end of 2013 was sustained at a high of RM2.18 billion, a marked improvement from RM952 million recorded as at the end of 2012. Going forward, the Group plans to launch new projects across key regions in Greater KL, Penang Island and Iskandar Malaysia.
Referring to the company’s announcement “Catering to current market demand, there will be greater emphasis on landed residential and township developments.”
With the new launches planned for 2014, Tropicana aims to sustain the high sales and unbilled sales enjoyed in the last financial year. Currently, the Group’s has 2,268 acres of land bank across the key growth regions in Malaysia, with a total estimated GDV of RM81.8 billion.