Sygnus Real Estate Finance (SRF) posted a third-quarter net profit of $444.3 million, nearly 193 per cent higher than earned in the corresponding period last year.
Core investment income for the quarter rose to $675.5 million, up 77.5 per cent from a year earlier.
The company says the strong performance was driven mainly by an $807-million gain from the increased value of its Lakespen Industrial Park development in St. Catherine following the start of construction.
For the nine months ended May, SRF returned to profitability, recording net profit of $46.1 million, an improvement of $91.8 million compared with the corresponding period last year.
Looking ahead, the company says it expects continued growth as it expands its real estate portfolio and increases investment in income-generating assets.
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