SINGAPORE - Great Eastern Holdings on Tuesday posted a net profit of $297.5 million for the second quarter ended June 30, 2020, 76 per cent higher than the $169 million a year ago.
Profit net of tax from shareholders' fund came in at $85.3 million for the quarter, more than double the $36.6 million the year before. For the first half ended June 30, 2020, net profit fell 35 per cent to $331.4 million from $511.7 million a year ago. This came amid unfavourable market conditions in the first quarter, Great Eastern said.Driven by the Singapore business which registered a strong growth for the first six months of 2020, total weighted new sales for the first half rose 7 per cent to $584.9 million, from $544.2 million a year ago.
Great Eastern group chief executive Khor Hock Seng said sales in core markets for Q2 were affected by the tighter movement restriction measures implemented due to the Covid-19 situation.
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