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KUALA LUMPUR: Tropicana Corp Bhd registered higher property sales worth RM349.6mil in the second quarter, but strict Covid-19 measures imposed by the government impacted its bottomline.
The property developer posted a net loss RM25mil in the three-month ended June 30 compared with a net profit of RM24.3mil made a year ago.
Turnover declined 42% to RM195mil.
Tropicana said this was due to the weaker performance of its property investment, recreation, and resort operations due to the pandemic and enforcement of the Full Movement Control Order.
"We will continue to monitor the market, and roll out more engagement initiatives to drive more sales," group managing director Dion Tan said in a statement today.
"Our campaigns such as Tropicana 100 which offers 100% flexible homeownership solutions on property purchase and our Tropicana FreeDOM featuring attractive packages for completed units have received favourable responses.” he added.
Tropicana said the outlook for the industry is challenging in the short term, but the Group believed that demand for properties in prime locations remained strong.
Tropicana’s unbilled sales in the second quarter were up by 84.6% to RM1.3bil.
Total landbank stood at 2,144 acres, with a total potential gross development value (GDV) of approximately RM77bil.