Sagicor Real Estate X Fund is reporting that net profit fell 36 per cent to $568 million for the six months ended June 30, while revenue declined 13 per cent to $4.31 billion.
The company says earnings were affected by the absence of one-off capital gains recorded last year, lower interest income and challenging economic conditions.
Despite the decline in overall profit, the group reported stronger performance from its core hotel and commercial operations.
Core operating profit rose 18 per cent to $653 million, led by improved results at the DoubleTree Orlando hotel.
Chairman Howard Mitchell says the company will continue to monitor economic conditions and pursue opportunities that can deliver long-term value for stakeholders.
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