PETALING JAYA: Tropicana Corp Bhd’s net profit for the third quarter ended Sept 30, rose by 10.46% to RM34.15 million from RM30.91 million registered a year ago, due to lower deferred tax transfers.
Revenue for the quarter under review fell by 32.95% to RM307.1 million from RM458.03 million due to lower sales and progress billings from stages of construction work for the group’s existing on-going projects where projects are scheduled to be completed in late 2018 and 2019.
“Whilst the overall short-term prospects for the industry are expected to remain challenging, the group believes that there will still be demand for properties in prime locations with attractive pricing. The group will continue to focus on being market-driven in its products offerings whilst continuing to unlock the value of its landbank, at strategic locations across the Klang Valley, Genting and Southern Regions,” its board of directors said.
“With this in mind, Tropicana will continue to focus on the introduction of new phases across its signature developments, namely at Tropicana Heights, Tropicana Aman, Tropicana Metropark and Tropicana Danga Cove, which are expected to continue to contribute positively to the Group’s earnings,” it added.
For the cumulative period of nine months, the group ’s net profit rose 13.5% to RM118.55 million from RM104.44 million due to improved gross profit margins resulting from cost savings from projects.
Meanwhile, revenue for the period decreased by 18.03% to RM1.04 billion from RM1.27 billion.
The stock fell 0.58% to 86 sen with 43000 shares done.
