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NEWS | PROPERTY NEWS<br />
TROPICANA CORPORATION’S 39 TH ANNUAL GENERAL MEETING<br />
30 MAY <strong>2018</strong><br />
<strong>Tropicana</strong> Corporation held its 39th Annual General Meeting<br />
at <strong>Tropicana</strong> Golf & Country Resort recently. All resolutions set<br />
out in the Notice of AGM dated 28 April 2017 were voted on by<br />
poll by shareholders of the Company, and the results validated by<br />
Corporate Streets Sdn Bhd, the Independent Scrutineer appointed<br />
by the Company. We’re happy to announce that all resolutions<br />
were approved.<br />
In the week prior to the AGM, the group also announced its<br />
unaudited financial results for the first quarter ended 31 March<br />
<strong>2018</strong>. Revenue rose 21.2% to RM453 million, with PBT of RM85.4<br />
million. <strong>Tropicana</strong>’s prudent cost savings initiatives and ability to<br />
align its growth strategies to suit the changing market environment<br />
saw its net profit rise 84.6% to RM52.2 million in the first quarter<br />
of <strong>2018</strong>, from RM28.3 million recorded in the corresponding<br />
quarter in Financial Year 2017. This higher revenue recognition<br />
was a result of the high number of progress billings made from its<br />
various signature developments in the Klang Valley, Northern and<br />
Southern regions, which are currently in the advanced stages of<br />
construction works.<br />
Whilst the overall short-term prospects for the industry are<br />
expected to remain challenging, the Group remains positive for<br />
FY<strong>2018</strong>. As at 31 March <strong>2018</strong> it has delivered total unbilled sales<br />
of RM1.2 billion, anchored by 15 ongoing projects and an existing<br />
landbank of 888.9 acres with a total gross development value of<br />
RM42.1 billion.<br />
The Group expects to further strengthen its financial position<br />
with increased recurring income from its international schools,<br />
namely St Joseph’s Institution International School Malaysia, GEMS<br />
International School and its latest addition, Tenby International<br />
School in Kota Kemuning, targeted to open for its first intake of<br />
students in September <strong>2018</strong>, while W <strong>Hot</strong>el at Kuala Lumpur City<br />
Centre will commence operations in the second half of the year.<br />
Earnings per share for Q1 <strong>2018</strong> stood at 3.17 sen against 1.89<br />
sen recorded previously. The Group also declared a first interim<br />
single-tier dividend of 1.6 sen per share to date.<br />
51 JULY/AUGUST <strong>2018</strong> | TM
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