KUALA LUMPUR (May 11): Tropicana Corp Bhd’s net profit soared 146.3% to RM19.3 million in the first quarter ended Mar 31, 2015, from RM7.8 million in the previous corresponding quarter.
Revenue leapt 54.7% to RM390.9 million from RM252.7 million a year ago.
The property developer’s improved performance was driven by higher revenue recognition across key projects within the Klang Valley, Tropicana (fundamental: 1.3; valuation: 1.5) said in a statement.
According to the group, it has achieved new sales of RM175.9 million in the first three months to Mar 31, 2015.
Tropicana is confident it will hit total sales comparable to last year’s figure of RM1.5 billion.
This is due to “overwhelming response” for landed properties in Tropicana Heights, Kajang, and Tropicana Aman, Shah Alam, from the second quarter onwards, it said.
Meanwhile, the group said the disposal of Tenaga Kimia Sdn Bhd and Tropicana City Mall and Office Tower is expected to raise a combined gross proceeds of RM734.7 million.
Tropicana share price ended flat at RM1.10, giving it a market capitalisation of RM1.57 billion.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)