The Address Magazine Nov-Dec 2013 #92: The Winter Issue

A Glowing Success
IMPRESSIVE REVENUE GROWTH FOR
TROPICANA 2Q FY13
Tropicana Corporation Berhad posted astonishing revenue
growth of 209 per cent for the second quarter that ended
on 30 June 2013. The percentage saw revenue increase to
RM362.1 million from RM117.1 million, while the property
development division posted a growth in profit before tax of
132.7 per cent to RM45.6 million. Group profit before tax
also rose despite higher finance costs to RM62.3 million from
RM58.7 million in the same quarter last year.
There was cause for celebration in the half year figures,
too, as Tropicana notched up revenue of RM667.4 million
compared to RM234.9 million in the same period last year.
Growth was also seen in the Group’s profit before tax for the
first half of the FY13 financial year, with the figure increasing
62 per cent to RM129.1 million. Net profit after tax and minority
interest rose 60.7 per cent to RM82.1 million.
Responding to the announcement of the figures, Tropicana’s
Group Chief Executive Office Dato’ Yau Kok Seng said, “The
improved results from our property development division
were attributed to higher profit recognition from Tropicana’s
key ongoing development projects, namely Tropicana Danga
Bay in Iskandar Malaysia, and Tropicana Grande, Tropicana
Avenue and Tropicana Gardens in the Klang Valley.”
He added, “Overall, we are highly encouraged by the good
progress the Group is making in accelerating project launches
and realising the value of our landbank. Recent launches in the
Klang Valley have seen favourable response, reflecting strong
market interest towards our lifestyle-oriented products. Both
our Bayberry Serviced Residences in Tropicana Gardens and
our maiden launch in Tropicana Metropark, the Pandora Residences,
have enjoyed high take-up rates of 80 per cent since
their respective launch in April and May of this year.”
Group Managing Director of Tropicana, Dato’ Dickson Tan
added, “For the first half of 2013, we achieved record new
sales of RM1.06 billion, and we remain confident of chalking
up robust new sales to achieve our sales target of RM2 billion
for the year. Our locked-in unbilled sales at the end of June
2013 stood at another all-time high of RM1.65 billion, which
will drive our future revenue and profits as our construction
progress gathers pace.”
The growth and ambition certainly doesn’t stop for Tropicana.
Another RM2.05 billion worth of new projects are
planned for the second half of the financial year, including
the first phase of Tropicana Heights in Kajang and the
Group’s maiden project in Penang, Tropicana Bay Residences
in Penang WorldCity.
52 TA | NOV/DEC 2013