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Great Eastern third quarter profits surges to $620m

Published on Nov 2, 2012 11:26 AM

Great Eastern Holdings posted a third quarter net profit of $619.6 million, more than 15 times than the $41.3 million in the same time last year.

This sharp increase included a $421.6 million post-tax gain arising from the sale of the of Great Eastern's stake in Asia Pacific Breweries and Fraser & Neave during the quarter.

Discounting this one-time gain, strong underwriting profit and mark to market gains on investment pushed net profit to $198 million.

At a press briefing today, chief executive Chris Wei said that no decision has been made as to how the proceeds of the one-time gain will be used.