KINGSTON, Jamaica — KINTYRE Holdings reported a sharp rise in first-quarter profit after the estimated value of its real estate holdings increased, even as the company spent more cash running its core operations than it generated from them.

The company reported net profit of $531.3 million for the three months ended March 31, up from $8.4 million in the same period last year. Total income rose to $565.7 million from $34.1 million.

Nearly all of that increase came from a single source: a $510-million upward revision to the estimated value of investment properties held by its real estate subsidiary, Parallel Real Estate Ventures, which accounted for roughly 90 per cent of total group income during the quarter.