PETALING JAYA: Tropicana Corp Bhd’s revenue surged 88.69% to RM321.64 million in its third quarter ended Sept 30, 2022 (Q3’22) compared with RM170.46 million in the corresponding quarter last year, mainly contributed by higher progress billings across key projects in certain areas as well as the improvement of its property investment, recreation and resort operations.
It recorded a profit before tax (PBT) of RM4.99 million compared with a loss before tax (LBT) of RM31.41 million for the same quarter in the previous year.
The group said the higher revenue and PBT were buoyed by the improvement of its property investment, recreation and resort operations on the back of the reopening of borders as well as higher progress billings across key projects in the Klang Valley and southern region compared with the corresponding quarter in the preceding year.
For the nine-month period, revenue rose 24.82% to RM756.36 million from RM605.96 million in the same period last year, mainly attributed to higher progress billings across key projects in the Klang Valley and southern region as well as higher sales.
It recorded an LBT of RM91.97 million compared with an LBT of RM55.55 million previously, mainly due to higher general and administrative expenses incurred by the group. Despite the loss for the period, its property investment, recreation, and resort operations have shown a significant improvement in performance as a result of the reopening of borders for travellers from all countries effective April 1, 2022.
Group finance managing director Justin Quek said the group was recording steady progress backed by sales and partnership campaigns as well as the gradual recovery of its property investment, recreation, and resort segment.
“Overall, we see steady progress and will continue to leverage on these customer-centric campaigns to secure more sales and remain optimistic about the group’s long-term prospects.
“In the pipeline, we will be unlocking our landbank offering seven new developments with a gross development value (GDV) of over RM2 billion.
“We will continue to innovate our projects, as we adapt to the market sentiment while staying true to our Tropicana development DNA (as well as) environmental, social, and corporate gover-nance commitments,” he said in a statement today.
Meanwhile, the group said its unbilled sales stood at RM1.8 billion backed by its residential, commercial and resort-themed developments. Overall, its total landbank spans 2,091 acres, with a total potential GDV of approximately RM203.7 billion, placing it in a good position to unlock the value of its landbank and toi deliver a sustainable performance in the next few years.