6 days ago
- Business
- New Straits Times
Tropicana reverses Q1 2024 loss with RM1.3mil net profit in Q1 2025
KUALA LUMPUR: Tropicana Corporation Bhd posted a net profit of RM1.3 million for the first quarter to March 31 2025 to reverse its RM9.1 million net loss a year ago.
The company's revenue, however, fell 10.6 per cent to RM260.4 million from RM291.3 million previously.
Tropicana, in a statement today, said this was due to the completion of the divestment of several investment properties, resulting in a reduction of recurring income.
On a positive note, its finance costs were lower in line with its ongoing strategy to reduce overall debt levels through asset monetisation initiatives.
"We will continue to strive forward and strengthen our stakeholder engagements, focusing on value creation as well as establishing strategic marketing and sales campaigns across our online and offline platforms.
"We believe that the demand for properties in Tropicana's established, mature and developing townships will persist and that the property market should maintain its positive momentum in 2025," it added.
Tropicana said its unbilled sales stood at RM2.1 billion, placing the company in a comfortable position to deliver sustainable earnings.
The company said 10 of its development across Malaysia achieved full take-up over the past few months, including Tropicana Miyu, Edelweiss Serviced Residences, Freesia Residences, Gemala Residences, Hana Residences and SouthPlace Residences in the Klang Valley.
In the northern and southern regions, Assana and Merissa Serviced Suites in Langkawi, as well as Aster Heights and Summit Commercial Hub in Johor, posted full take-up.
Tropicana Alam, the company's latest township at Puncak Alam, introduced its Avisa Residences show units, resulting in a positive 76 per cent take-up for the first phase.
Tropicana's current landbank stood at 540.73 hectares, with a total potential gross development value of RM168.4 billion
The company said the recent appointment of world-class architectural firm Skidmore, Owings & Merrill to lead the transformation of 65.97 hectares Lido Waterfront Boulevard (LIDO) will add more value, placing LIDO as its most prime piece of land in Johor.
"This strong land portfolio positions the group to unlock significant value, drive growth and deliver sustainable performance in the next few years," it added.
