One of the Sagicor Real Estate Fund properties.
Sagicor Real Estate Fund’s profit attributable to shareholders dropped 53 percent to $246 million for the quarter ending June, this year, compared to the June 2016 of $522 million.
Profit for the six months period ending June ended at $785 million, 30 percent down on to the June 2016’s net profit of $1.124 billion
According to a release from the company, the major contributors of the reduction were that the 2016 second quarter results included $565 million in revaluation gain on the 26 acre Cinnamon Beach property with no property revaluation for 2017 but are scheduled for the second half of 2017 and increased interest cost of $115 million compared to the same period in 2016.
