Fri | Jan 27, 2023

Ocho Rios Beach Resort posts biggest loss in six years

Published:Wednesday | April 11, 2012 | 12:00 AM
Jeffrey Mack, CEO of Guardian Holdings Limited.

Guardian Holdings Limited recorded a loss of TT$20.5 million (J$277m) from its 24 per cent share ownership in Ocho Rios Beach Resort Limited, one of its associated companies in Jamaica.

Coupled with that loss, a write-off of TT$22 million from the disposal of its United Kingdom base operation Jubilee Group Holdings and marginal contribution from other associated companies in the Group, GHL posted an overall loss of TT$25 million from its associates.

Over the last six years, Ocho Rios Beach Resort's contribution to the group has fluctuated.

In 2010, it made negligible profit of TT$331,000, having posted a loss of TT$13.6 million in 2009.

For the three years prior to 2009, the Jamaican associate posted positive results of TT$929,000 in 2006; TT$8.3 million in 2007; and TT$598,000 in 2008.

Efforts to contact GHL chief executive officer, Jeffrey Mack were unsuccessful. So too was an effort to speak with Eric Hosin, chief executive officer of GHL's wholly owned subsidiary Guardian Life Jamaica.

Based in Trinidad and Tobago, GHL is a diversified financial services group engaged in underwriting all classes of long-term, property and casualty business, and the provision of pension and asset management services.

GHL's holdings in Jamaica also include subsidiaries Guardian Life Limited and West Indies Alliance Limited.

The group made profits of TT$246 million after the write of losses, down from TT$465 million in 2010.