Tropicana Corporation Berhad recently announced its unaudited financial results for the first quarter ended 31 March 2020 (Q1 2020).
For the first quarter under review, Tropicana recorded lower revenue and PBT at RM142.7 million and RM7.9 million respectively, compared to RM209.8 million and RM21.0 million recorded in the corresponding quarter in 2019.
The lower revenue and PBT registered were attributable to lower progress billings across some of the Group’s key on-going projects and lower sales during the Movement Control Order (MCO) period which was enforced to curb the spread of the Coronavirus (COVID-19) pandemic.
As at 31 March 2020, the Group recorded unbilled sales of RM727.2 million, anchored by six ongoing townships, commercial and resort-themed projects and existing landbank of 2,344.0 acres with a total potential GDV of RM70.0 billion. With more sales recorded past MCO, the Group’s unbilled sales is expected to strengthen further.
In 2020, the Group will continue to introduce new developments and phases across its signature Tropicana townships with a GDV of RM1.6 billion. The upcoming launches include the first phase of Tropicana Grandhill, the TwinPines Serviced Suites with fully furnished serviced apartments in Genting Highlands; Shoppes & Residences (South), a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya; a new landed residential phase at Tropicana Aman, Kota Kemuning; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; as well as shop offices at Gelang Patah, Johor.
Despite the challenges brought on by the current economic environment, Tropicana remained true to its core purpose – listening to the needs and demands of the community where the Group has a presence.
The Group extended rental waivers to applicable tenants at the newly opened Tropicana Gardens Mall throughout the length of the MCO, to not only ease their burdens but allow them to provide further assistance to their employees. The mall first opened for business only in early March 2020.
Sensitive to the needs of consumers given the current economic environment, Tropicana introduced the “Tropicana Stay Home” digital platform from the beginning of the MCO to 30 April 2020 to allow buyers to experience its properties online. Then in early May 2020, in response to customers’ feedback and queries from the previous campaign, Tropicana launched the “Tropicana 10-TEN” campaign with ten signature deals to help lessen buyers’ financial burden and worries on economic uncertainties as well as further spur their confidence in securing their dream home.