PETALING JAYA: Tropicana Corporation Bhd’s revenue surged 157.7% to RM850.77 million in the second quarter ended June 30, 2026 (Q2’26), from RM330.18 million a year earlier, while profit before tax (PBT) more than doubled to RM21.88 million from RM10.65 million.
The property developer, however, swung to a net loss of RM12.7 million in Q2’26, compared with a net profit of RM1.25 million in the corresponding quarter last year, as a sharply higher tax expense offset the improvement in pre-tax earnings.
The group recorded a tax expense of RM39.41 million during the quarter, compared with RM169,000 a year earlier. Tropicana said its effective tax rate was higher than the statutory tax rate mainly due to non-allowable expenses for tax deduction.
The stronger quarterly revenue was driven by the completion of sales of three parcels of land in Johor Bahru and Selangor with a total consideration of RM513.8 million, alongside higher revenue from core operations following the delivery of vacant possession for projects in Tropicana Indah, Kota Damansara and Tropicana Cenang, Langkawi.
Tropicana said the increase in PBT was supported by higher progress billings across key projects in the Klang Valley and Southern regions, as well as the delivery of vacant possession.
For the first half ended June 30, 2026 (H1’26), Tropicana’s revenue rose 97.2% to RM1.16 billion from RM590.54 million in the corresponding period last year. However, the group swung to a net loss of RM35.82 million from a net profit of RM2.56 million previously.
PBT for the six-month period declined to RM9.09 million from RM15.97 million, mainly due to a higher unrealised loss on quoted shares of RM23.1 million. Excluding the unrealised loss, the group said it would have recorded PBT of RM32.2 million.
Meanwhile, Tropicana’s total borrowings declined by RM109.2 million, or 4%, to RM2.64 billion as at June 30, 2026, from RM2.75 billion as at Dec 31, 2025. Its unbilled sales stood at RM1.4 billion.
