Tropicana reported its Q1 results for 2023, registering revenue of RM256.7 million (Q1 2022: RM223.3 million) which was RM33.4 million or 15.0% higher when compared to the corresponding quarter in the preceding year. The Group recorded a profit before tax (“PBT”) of RM0.8 million as compared to a loss before tax of RM35.5 million in the corresponding quarter in the preceding year.
In its filing, the group attributed the increase in revenue and PBT as mainly contributed by the improvement in the property investment, recreation, and resort operations on the back of the reopening of borders which accelerated the return of international travellers which contributed to higher revenue and profit in the current quarter for this segment. Besides that, the Group has implemented cost rationalisation measures resulting in a reduction in general and administrative expenses during the quarter while adhering to prudent risk management to sustain its financial recovery.
However, the group’s revenue of RM256.7 million in the current quarter was RM1.4 million or 0.5% lower when compared to the preceding quarter ended 31 December 2022. Lower revenue in the current quarter was mainly due to lower progress billings across some of the Group’s key ongoing projects.
