For the six months ended 30 June 2016, Sagicor X Fund’s performance was $404 million or 56 per cent higher when compared with Q2 2015 – an improvement attributed to higher net profit from the Group’s hotels and gains from units in the Sigma real estate portfolio.
The Fund reported consolidated net profit of $1.12 billion compared to $720 million for the second quarter in 2015. The surge over the new half-year was due to net profit from direct hotel operations of $614 million and net gain from units in Sigma Real Estate Portfolio of $500 million.
The Group’s performance was buttressed by unrealised gains from investment in the Sigma Portfolio which was higher than 2015 by $523 million. Net profits earned by the Sigma Portfolio (before revaluation gain) was $1.16 billion (2015 – $1.12 billion).
The Group now holds 50 per cent interest in the Sigma Real Estate Portfolio (the Sigma Portfolio), up from 43 per cent at Q1 2016.
Published in the Observer
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