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BARBADOS - business - Fortress

44% income increase in 6 months for Fortress

Compliments of the Nation News

Date June 05, 2006

ONE OF BARBADOS' top-performing mutual funds has again produced an improved six months' report, substantially increasing its total assets and revenue.

Chairman of Fortress Caribbean Property Fund, Geoffrey Cave said the fund had produced a 41 per cent increase in net income for the six-months period ending March 31, 2006.

Net income was up slightly from $1.4 million in 2005 to $1.9 million following the successful rights issue of 22.3 million new shares in October last year, according to the fund's unaudited balance sheet.

The fund's total assets stood at $107.8 million, up from $65.5 million for the same period in 2005.

Cave said two new development properties - Villas on the Green in St Lucia, and Rockley Recreations in Barbados - were underway.

"The fund now has BDS$12 million in real-estate development and it will take some time before these real-estate developments produce returns," Cave explained.

In addition, he disclosed that Fortress had made deposits on the purchase of land at Apes Hill and Lion Castle, for two upmarket golf and polo developments in Barbados.

"Expectations are for a cooling of the property market in the United States, which could also have an impact on the markets in the Caribbean.

"The recent increases in interest rates and the growing supply of new developments may slow the growth in property values in certain segments of the property market; however, we remain positive on the outlook for the fund," the chairman stated. (GE)


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