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Monday, May 29 2017 @ 03:03 PM AST

Residential resort grows profit despite Barbados economic slump

The Crane Residential Resorts, a 252-residence shared ownership interest resort in Barbados, has grown its profits at a time when most are still struggling.

"Notwithstanding the challenges in the Barbadian economy, the Crane’s operating profit grew by 97% to US$2.8 million in 2014 from US$1.4 million in the prior year. Moreover, profit after tax (PAT) increased by 45.9% to US$2.6 million from US$1.8 million in 2013, due to the improvement in sales and operating profits and also to a 70% reduction in finance charges to US$117,526 from US$397,692 previously, with the PAT margin also improving to 9.9% from 7.6% in 2013. This improvement in PAT led to an increased return on asset (ROA) ratio of 1.6%, up from 1.1% in 2013," CariCRIS wrote in a note Wednesday.

Based on this and other factors, CariCRIS assigned ‘adequate’ credit ratings to the Crane.

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