Axa Asia Pacific profit beats analyst estimates

SYDNEY: Axa Asia Pacific Holdings Ltd, subject of a takeover bid from National Australia Bank Ltd, said profit in 2009 beat analysts' estimates as earnings at the wealth manager picked up in the second half.

The Melbourne-based company, 54 percent owned by France's Axa SA, said unaudited net income was about A$675 million ($615 million) compared with a loss of A$278.7 million in 2008. Analysts expected net income of A$555 million, according to the mean of five forecasts compiled by Bloomberg.

Commonwealth Bank of Australia, the nation's biggest lender and asset manager, last week said profit in the second half of 2009 beat forecasts as an equities rally triggered a turnaround. Axa Asia Pacific's better-than-expected result helps explain the prices offered by rival suitors National Australia Bank and AMP Ltd, according to Paradice Investment Management.