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Great Eastern Q2 profit up 76% to S$297.5m on improved financial market conditions

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GREAT Eastern Holdings on Tuesday posted a net profit of S$297.5 million for the second quarter ended June 30, 2020, 76 per cent higher than the S$169 million a year ago. Read more at The Business Times.

New business embedded value was down 28 per cent to S$109.1 million, from S$151.4 million a year ago, mainly due to lower sales in Malaysia.

Earnings per share was S$0.70 for the first half, down 35 per cent from S$1.08 for the preceding year. Meanwhile, profit net of tax from shareholders' fund declined 73 per cent to S$43.4 million, from S$160.8 million a year ago. New business embedded value for the first half fell 10 per cent to S$235.2 million, from S$261.2 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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