Fortis swung to a net loss Of $1.61bn for quarter.

Financial News, November, 2002

Fortis Friday posted a swing to a third-quarter net loss of [euro]1.61bn ($1.61bn), as the falling value of its equity portfolio bit a huge chunk out of its bottom line.The Belgian-Dutch bank and insurer's loss -- the first in its 12-year history -- compares with a net profit of [euro]657.8m in the year-earlier period. Chairman Anton van Rossum said next year will remain difficult.

Its operating loss, the figure most closely watched by the market, was [euro]1.7bn, compared with a profit of [euro]532m last year. Nine analysts surveyed by Dow Jones Newswires produced a consensus forecast of a [euro]1.48bn operating loss.