KUALA LUMPUR (Aug 22): Tropicana Corp Bhd’s net profit went up 3% to RM39.02 million for the second quarter ended June 30, 2019, from RM38 million a year ago. Quarterly revenue grew 6% to RM299.45 million from RM281.43 million previously.

The group attributed the growth in revenue to higher progress billings across some of its key existing ongoing projects.

It recorded a one-off fair value gain of RM30.2 million in the preceding year, which had partly offset the growth in its bottom line.

For the first half of its financial year, the group’s net profit rose slightly to RM85.09 million from RM84.4 million while cumulative revenue fell 31% to RM509.22 million from RM734.43 million.

Looking ahead, the group said it is well positioned to deliver sustainable earnings, pointing out that its unbilled sales stood at RM830.6 million as at the end of June, across 14 ongoing projects.

Moreover, the group has over 1,071 acres of prime landbank located in strategic locations across the Klang Valley, Genting and the southern regions with GDV totalling RM48.6 billion.

Despite the challenging global and domestic environment, Tropicana said there will still be demand for landed properties and integrated developments in prime locations with good accessibility, wider range of amenities and attractive pricing.

“In this regard, Tropicana will continue to focus on its market-driven strategy for 2HFY19, rolling out a series of new projects amounting to a GDV of approximately RM3 billion within its existing and new signature townships which are expected to drive stronger performance and bring the group to its next phase of growth.

“These existing and new signature townships include the latest residential phase of Elemen Residences at Tropicana Aman, Kota Kemuning, which is the first phase of lakeside homes within the masterplan,” it said.

The group will also be launching its first commercial phase at Tropicana Metropark, the final phase of Tropicana Gardens, Edelweiss SOFOs and serviced residences at Tropicana Indah.

Tropicana fell 0.5 sen or 0.59% to 84 sen, giving it a market capitalisation of RM1.24 billion.