By THE STAR
PETALING JAYA: Tropicana Corp Bhd, which reported a 209% year-on-year (y-o-y) increase in revenue for the second quarter ended June 30, is on track to achieve its sales target of RM2bil for this year, said managing director Datuk Dickson Tan.
He said Tropicana achieved record new sales of RM1.06bil for the first half of 2013.
“Our locked-in unbilled sales at the end of June 2013 stood at another all-time high of RM1.65bil, which will drive our future revenue and profits as our construction progress gathers pace,” Tan said in a statement.
The group reported revenue of RM362.1mil for the quarter under review compared with RM117.1mil in the same quarter last year.
Its pre-tax profit from the property development division rose 132.7% to RM45.6mil.
Group pre-tax profit increased to RM62.3mil from RM58.7mil y-o-y on higher finance costs while net profits dipped slightly to RM38.33mil from RM38.83mil.
“The improved results from our property development division was attributed to higher profit recognition from key ongoing projects – Tropicana Danga Bay in Iskandar Malaysia; and Tropicana Grande, Tropicana Avenue and Tropicana Gardens in the Klang Valley,” said chief executive officer Datuk Yau Kok Seng.
– Malaysia Real Estate News