Sin Chew Daily - 27 February 2019 - Tax expenditures increased; Tropicana earned RM51.48m in Q4

KUALA LUMPUR (Feb 26): Tropicana Corp Bhd's (TROP, 5401, main market, property) net profit fell 32.65% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM 76.44mil a year ago.

This year group's net profit is RM 170.03mil, down by 6% compared with RM180.89mil in last year.

Quarterly revenue was 9.17% higher at RM 593.93mil, whereas yearly revenue was down 9.88% to RM1.64 bil.

In a statement today, Tropicana said the increased in Q4 revenue was due to the completion of the disposal of development lands in Pekan Country Height, Selangor for RM 143mil.

In a statement today, Tropicana said the group drew in sales of RM 154.9mil in 4QFY18 and is confident that it will continue to demonstrate further resilience moving forward, backed by RM 827.2mil in unbilled sales.

The group’s landbank stands at 1,088.8 acres, with a total potential GDV of RM 46.1bil. Looking ahead, the group will remain focused on being market driven and adapting to market demands while unlocking value of its landbank in strategic locations in the Klang Valley, Genting and southern regions of peninsular Malaysia.