TROPICANA Corp Bhd recorded an 88.9% year-on-year drop in net profit to RM5.1 mil for the first quarter ended March 31, 2020.
This was due to lower progress billings from the group’s ongoing projects, attributed to the movement control order that was put in place to mitigate the Covid-19 crisis, the property developer said in a statement today.
The company posted a net profit of RM5.1 mil for the period under review compared to RM46 mil a year earlier.
Revenue clocked in at RM142.7 mil or 47% lower than the RM209.8 mil posted for the same period last year.
According to Tropicana, it recorded unbilled sales of RM727.2 mil, anchored by six ongoing townships, commercial and resort-themed projects and existing landbank of 2,344 acres with a total potential gross development value of RM70 bil.
Tropicana’s shares closed unchanged at 88 sen. – June 30, 2020