SINGAPORE (Feb 25): Great Eastern Holdings, 88%-owned by Oversea-Chinese Banking Corp, reported a set of underwhelming FY2018 earnings compared with that in FY2017. Net profit fell 68% in 4QFY2018 to S$136.8 million, from S$426.8 million a year ago, mainly due to lower non-operating profit. FY2018 earnings came in at S$740.7 million, 29% lower y-o-y.

Operating profit rose 5% y-o-y to S$171.6 million in 4QFY2018 and 4% y-o-y to S$625.3 million for FY2018.

The decline in net profit was caused by unrealised fair value and mark-to-market losses in which shareholders’ funds investments fell 77% y-o-y. Great Eastern said: “4Q18 and FY2018 gain/loss on sale of investments and changes in fair value decreased 268% and 183% to a loss of S$1,644.7 million and S$2,630.8 million respectively, compared with the same periods last year due to...(click on link for full story on theedgesingapore.com)