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Pan Jam near doubles profit

SAGICOR-BUILDING

REAL-ESTATE conglomerate Pan-Jamaican Investment Trust Limited (Pan Jam) nearly doubled its Marchfirst-quarter net profit to $441 million due to currency gains and the performance of its associated company Sagicor Life Jamaica.

“Performance for the quarter was impacted most notably by an increase of $119 million in our share of results of associated and joint venture companies and lower finance costs of $51 million,” stated president Stephen Facey in notes accompanying the financials released to the Jamaica Stock Exchange this week.

Pan-Jam holds shareholding in companies in property development, tourism, insurance, banking, manufacturing, retail, trade, financial services and investment. Revenues increased 12 per cent to $536 million in part due to currency investments.

Published in the Jamaica Observer
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