Sagicor Real Estate X Fund, which owns and operates hotels and warehouses, recorded another round of losses for its June quarter of 2022.
The revenue at $1.6 billion between April and June 30, 2022, was flat with year-earlier levels, but it earned a $71 million net loss compared to a profit of $500.2 million a year earlier.
The company is in a state of flux as it seeks to recover from the travel fallout due to the health pandemic.
Over six months, the company generated net profits of $110 million between January and June 30, 2022, compared to a $297 million profit a year before.
“In the midst of global economic challenges and adverse market conditions, Sagicor Real Estate X Fund continues on a strong pace of recovery to pre-pandemic performance,” said the company in its financials.
“The group’s core operations, hotel activities, continue to be the main driver of the results.”
See also
Sagicor X Fund noted that the outlook is positive due to pent-up travel demand.
“Despite inflation, recession concerns and the resultant effects on consumer spending, the latest US travel forecast projects that travel will remain resilient. This is backed by domestic leisure travel spending, which even after being adjusted for inflation, has surpassed pre-pandemic levels,” said Sagicor X Fund.
Sagicor X Fund’s capital totals $16.5 billion in June 2022 compared to $22.4 billion in December 2021.
