Pan Jamaican Investment Trust Limited has reported significant improvement in its profitability for the first quarter of 2016 when compared to the same period last year.

According to the company’s financial reports, net profit for the quarter jumped from $542 million in 2015 to $721 million this year.

Chairman and CEO of Pan Jam, Stephen Facey says this 33% improvement was largely the net effect of a stronger share of results of associated and joint venture companies, led by Sagicor, and a gain on disposal of the Group’s interest in Hardware & Lumber Limited.

“Performance for the quarter was influenced positively by a gain of $185 million arising from the divestment of our stake in Hardware & Lumber Limited and an increase of $149 million in our share of results of associated and joint venture companies. These items more than compensated for decreases of $43 million and $84 million in property and other income respectively”, he said in his report to shareholders.

Facey says Pan Jam is remains satisfied with Jamaica’s current business environment and believes that should the fiscal discipline brought on by the IMF agreement continue, the support for investments will increase.

He continued, “we are also encouraged by signs of rebirth in downtown Kingston. We therefore continue to renovate the former Oceana hotel property through our joint venture, Kingchurch, while seeking opportunities across the island for new projects similar to Oceana or to the Courtyard Marriott. Simultaneously, efforts to find real estate related projects in major overseas markets in which we can invest and remain active”.