Great Eastern Q1 earnings tumble 90% on non-operating losses
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Singapore
GREAT Eastern Holdings on Wednesday posted a 90 per cent drop in net profit to S$33.9 million for the first quarter ended March 31, 2020 from S$342.7 million a year ago.
The insurance arm of OCBC Bank was weighed down by non-operating losses of S$222.8 million, compared to a non-operating profit of S$75.9 million a year earlier. Great Eastern said this was due to lower valuation of investments, arising from unfavourable financial market conditions in the first quarter.
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