LARGE attraction, Dolphin Cove Ltd, announced that it has built a new facility within Moon Palace Jamaica Grand Hotel in Ocho Rios set to open in its September third quarter.

It forms part of the expansion at the company whose land value more than doubled year-on-year to $1.19 billion based mainly on an asset revaluation in December.

“The group made an additional $26 million in capital investments mainly at the 700-room Moon Palace Jamaica Grand Hotel in Ocho Rios,” stated a notice which prefaced the financials signed by chairman and Chief Executive Officer Stafford Burrowes and director William McConnell. “We have built a dedicated facility at this hotel which has been closed for the last eight months. It is scheduled to reopen by the third quarter of this year.”

Increased non-cash charges, including higher depreciation arising from the asset revaluation and the retiring of a dolphin during its March quarter, contributed to a lowering of profits to $133 million or 10 per cent less year-on-year.

The group’s land and building were revalued as at December 2014 on an open market basis by charterd valuation surveyors and real estate dealers, Easton Douglas & Company Ltd, according to the annual report.

“Land and building include land at a valuation of $1.19 billion [compared to] 2013: $440.1 million for the group,” stated the financials.

The March quarter 2015 financials indicated that overall revenue increased by 8.0 per cent compared to the prior year as the group continued with the various marketing programmes.

“The growth in revenue experienced by all segments is particularly pleasing given the increased investment in sales and marketing,” stated the directors.

The company earns from its dolphin programmes but also from its restaurants, gift shops and video shops. In December 2010, the company listed its shares on the junior arm of the Jamaica Stock Exchange.

The group operates dolphin attractions in Ocho Rios, St Ann, and Lucea, Hanover. It also operates an attraction at Prospect Plantation under a lease agreement. The company plans to expand to Turks & Caicos and St Lucia. It created subsidiaries over the last few years to facilitate this process.

Its subsidiaries include Too Cool Ltd, incorporated in the Cayman Islands, which currently owns land and buildings; Cheshire Hall Ltd, incorporated in 2012 as a St Lucian International Business Company (IBC), which ultimately owns land in Turks & Caicos through its subsidiary DCTCI Ltd for development into an attraction; Balmoral Dolphins Ltd incorporated in 2012 as a St Lucian IBC, which will operate the attraction developed by DCTCI Ltd; and SB Holdings Ltd incorporated in 2013 as a St Lucian IBC which aims to develop an attraction in St Lucia.