Tropicana Corp Bhd is revising the masterplan for its 308-acre integrated hub, Tropicana Paradise, in Genting Highlands.
This is in view of surrounding environmental factors as well as prevailing market demand, according to its announcement with Bursa Malaysia on Friday.
“The company plans to recreate another signature Tropicana township at the mid-hills of Genting to continue its business sustainability. This is in line with the company’s development DNA as well as its commitment to environmental, social and governance principles,” it noted.
As part of this exercise, the Memorandum of Agreement signed in Feb 2022 between Tropicana Inspirasi Indah Sdn Bhd, Tropicana Inspirasi Impian Sdn Bhd, PowerChina International Group Ltd and Sinohydro Corp (M) Sdn Bhd will be called off.
Just last week, Tropicana announced the disposal of a 10.85-acre piece of land in Pontian, Johor, to KSL Holdings Bhd for RM21.27 million.
For the nine months ended Sept 30, 2022 (9MFY2022), Tropicana’s net loss widened to RM121.21 million from RM60.11 million a year earlier, mainly due to higher general and administrative expenses.
This was despite 9MFY2022 revenue rising to RM756.36 million from RM605.96 million in the previous year, driven by higher progress billings across key projects in the Klang Valley and Southern Region, as well as higher sales.
The company’s cash and bank balances declined to RM584.28 million in 9MFY2022 from RM638.6 million at end-December 2021.
On its borrowings, Tropicana’s short-term loans jumped to RM1.14 billion from RM544.64 million, while long-term loans dropped to RM2.66 billion from RM3.37 billion.
Tropicana’s share price finished nine sen or 6.72% higher at RM1.43 on Friday, translating into a market value of RM2.97 billion.