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Tropicana’s shares up 1.11% on improved earnings

PETALING JAYA: Tropicana Corp Bhd’s share price rose 1.11% this morning on improved earnings for the third quarter ended Sept 30, 2017.

At 10.53am, its shares rose 1 sen or 1.11% to 91 sen with a total of 276,500 shares traded. Tropicana’s share price fell 3 sen or 3.23% to close at 90 sen with a total of 3.41 million shares traded last Thursday.

During the quarter under review, the property developer’s net profit rose 2.00% to RM35.49 million from RM34.80 million a year ago due to improved operational profits.

The group said its operational profits rose 56.9% due to cost savings and advanced progress of projects.

Revenue for the quarter rose 29.79% to RM463.47 million from RM357.08 million a year ago, reflecting higher progress billings from advanced stages of construction work for the group’s ongoing projects.

For the nine months ended Sept 30, 2017, net profit rose 45.12% to RM120.86 million from RM83.28 million a year ago, while revenue rose 28.71% to RM1.29 billion from RM1.00 billion a year ago.

The group declared a first interim single-tier dividend of two sen per share.

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