Takeover target AXA Asia Pacific Holdings Ltd
(ASX:AXA) says it expects to report profit after tax of $675 million for the year to December 31, 2009.
Total group operating earnings are expected to come in at approximately $550 million, slightly below its 2008 result, with investment earnings anticipated to be around $185 million compared to a loss of $537.7 million in 2008.
The figure includes non-recurring items of $57 million, including the profit on the sale of its 50% stake in AXA Asia Pacific’s economic interest in India.
CEO Andrew Penn says he is pleased with the company’s strong performance, particularly in the second half of 2009 and says AXA Asia Pacific responded well to the impacts of the GFC and earnings of all its business have accelerated since the first half of 2009.
AXA Asia Pacific Holdings posted a loss of $279 million for 2008.
