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New Straits Times
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.
The Sun
13-05-2025
- Business
- The Sun
ICT Zone Asia aims to raise RM26.6 million from IPO in transfer to ACE Market
KUALA LUMPUR: Technology financing solution company ICT Zone Asia Bhd aims to raise RM26.6 million through its initial public offering (IPO) in conjunction with its transfer from the LEAP Market to the ACE Market of Bursa Malaysia. The transfer is scheduled for June 3, and will involve a public issue of 133 million new shares, priced at 20 sen each. Group managing director and chief executive officer Tommy Lim Kok Kwang said the ACE Market listing will provide the company with the opportunity to grow its business organically by gaining access to funding from Malaysia's capital market. It will also enhance its capacity to meet the growing demands of stakeholders, supported by greater visibility in the broader market. 'Of the total RM26.6 million proceeds, RM21 million (or nearly 80%) will be allocated towards expanding our technology financing business. Another RM1.5 million will be used for sales and marketing efforts, while the remaining funds will cover listing-related expenses for the ACE Market transfer,' he said during the prospectus launch today. The company also aims to strengthen its position and focus on achieving a target of RM500 million in unbilled orders within three years. ICT Zone Asia has reported strong financial performance, with a record revenue of RM127.8 million and a profit after tax of RM9.1 million. 'The company's contractual business model, coupled with its revenue visibility and operational efficiency, provides investors with stable recurring cash flows and long-term earnings predictability. 'These attributes are especially valuable in today's market, where risk-adjusted fundamentals and consistent execution are essential,' the company stated. The IPO is now open for applications and will close on May 20. Malacca Securities Sdn Bhd is the principal adviser, sponsor, joint underwriter, and joint placement agent for the IPO. SCS Global Advisory (M) Sdn Bhd is the financial adviser, while Kenangan Investment Bank Bhd is a joint underwriter and joint placement agent. – Bernama
