Tropicana Corporation Berhad reported its unaudited financial results for the third quarter recording a revenue of RM402.8 million which was RM81.1 million or 25.2% higher when compared to the corresponding quarter in the preceding year (Q3 2022: RM321.6 million). The Group recorded a profit before tax of RM24 million, an almost five-fold increase as compared to RM5 million in the corresponding quarter in the preceding year.
However, the group remained in the loss for the quarter registering RM10 million in losses which is much lower than what it recorded in the same period last year. YTD the group’s losses narrowed to RM15 million as opposed to the RM121 million in losses it registered in 9 months, 2022.
Tropicana said the increase in revenue was mainly attributed to the completion of the disposals of two parcels of freehold development land in Kajang and Genting Highlands for a total consideration of RM71 million as well as the Group’s continuous cost rationalisation exercise to reduce overall expenses. In addition, the recent divestment of equity interests held in two subsidiaries namely Tropicana Education Management Sdn Bhd and Tropicana SJII Education Management Sdn Bhd helped strengthen the Group’s bottom line.
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recorded across Malaysia. This is complemented by our 4 newly launched or upcoming developments
worth an estimated GDV of RM1.2 billion in 2023,” the management emphasised.
For the financial period ended 30 September 2023, the Group recorded a revenue of RM1.1 billion, which was RM367.6 million or 48.6% higher when compared to the preceding year. The significant increase in revenue was attributed to higher progress billings across key projects in the Klang Valley.
