Sagicor X-Fund reports lower 1Q profit

Sagicor X-Fund reported consolidated net profit of $602 million for the three months ended March 2016 or $1 million less than the corresponding quarter a year ago.

Earnings before Interest Tax Depreciation and Amortization  (EBITDA) was $1 billion versus $892 million a year ago. This performance was primarily due to net profit from "our hotel" operations which include the Hilton Rose Hall Resort and Spa in Montego Bay and the DoubleTree Universal in Orlando, Florida. Revenue from these operations grew by $1.5 billion to $2.7 billion, up from $1.2 billion at the first quarter 2015; and net gain from units in the Sigma Real Estate Portfolio of $145 million. 

"We acquired the 489 room the Hilton Rose Hall Resort and Spa (Hilton Rose Hall) effective January 2015 and the 742 room DoubleTree Universal in Orlando, Florida (DoubleTree) in September 2015," said management.

Despite being in their first year of operation, both hotels have shown positive performance, the company said.

For the first quarter 2016, Hilton Rose Hall generated net profit of $227 million with a matching $226 million from DoubleTree. The Group also held a 43 per cent interest in the Sigma Real Estate Portfolio (the Sigma Portfolio). The Sigma Portfolio has property investments in the tourism sector with ownership of three Jewel Resorts branded hotels; and the real estate sector by owning four office/retail shopping buildings, three industrial/warehousing properties and three prime land holdings slated for development.