Sagicor Real Estate X fund suffers dip in revenue

Sagicor Real Estate X Fund suffered a 25 percent dip in revenue during the January to March quarter as it grappled with the effects of  the COVID 19 pandemic.

Due to the decline in international tourist travel, Sagicor says its local hotel and those owned by its partner, Playa Hotels and Resorts suspended operations.

DoubleTree by Hilton remains open but is operating with reduced occupancy. 

Sagicor says the unprecedented downturn in business activities led to a reduction in earnings for the quarter.

Inflows to its coffers declined from $1.78 billion  last year to $1.34 billion.

The Group also generated a net loss of  $2.77 billion compared to a net profit of  $690 billion in the prior year. 

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