Tropicana Corporation Berhad reported its unaudited financial results for the fourth quarter ended 31 December 2023 achieving revenue of RM1.51 billion in FY2023 surging 60.7% from the preceding year’s RM942.6 million, which it said was mainly due to higher progress billings across key projects in the Klang Valley, Southern and Northern Regions coupled with the disposal of lands.
In FY2023, the Group recorded a loss after tax of RM174 million, a reduced loss compared to RM435 million in the previous year. The losses include the provision of foreseeable losses and share of losses from its 30%-owned associate company. In addition, Tropicana’s ongoing initiatives to monetise its landbank and investment property, as well as its cost rationalisation exercise are aimed at improving the Group’s financial position.
On a quarterly basis, the Group’s Q4 2023 revenue stands at RM390.5 million, which was RM204.3 million or 109.7% higher compared to the corresponding quarter in the preceding year (Q4 2022: RM186.2 million). For the quarter under review, the Group recorded a lower LBT of RM124.7 million, an improvement of 67.2% as compared to the corresponding quarter
in the preceding year.
