Tropicana sees sustained earnings with RM2.1bil unbilled sales
KUALA LUMPUR: Tropicana Corp Bhd 's unbilled sales of RM2.1bil as at March 31 place the company in a comfortable position to deliver sustainable earnings.
The property developer believes that the demand for properties in prime locations in Tropicana's established, mature and developing townships will persist, with attractive pricing and various promotional packages.
'Further, the group expects improved sales especially for its properties in Johor, as a result of the Johor-Singapore Special Economic Zone, Johor Bahru-Singapore Rapid Transit System Link project, as well as the positive growth effects from the possible resuscitation of the High Speed Rail project.
'Premised on the expected demand, the group will continue to launch its properties at strategic locations across the Klang Valley, Genting Highlands, Northern and Southern Regions,' Tropicana said in the notes accompanying its financial results.
In the first quarter ended March 31, Tropicana posted a net profit of RM1.3mil, or earnings per share 0.05 sen, compared with a net loss of RM9.08mil, or loss per share of 0.40 sen.
Revenue for the quarter stood at RM260.4mil, down 10.6% from RM291.3mil.
Tropicana said it will continue to leverage on its various sales initiatives and marketing campaigns to secure more sales and therefore remaining positive and confident on the long-term prospects of its property development business.
In addition, the group will continue to develop and market its properties located at various strategic locations, which will in turn, translates to higher sales and positive contributions to the future earnings of the group.
Tropicana's current landbank stood at 1,336.1 acres, with a total potential gross development value (GDV) of RM168.4bil.
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