Incumbent Vigdis Finnbogadottir gained an overwhelming victory over another woman candidate in Saturday's presidential election in her bid for a third four-year term.

Poll officials said early Sunday that with 47.3 percent of the ballot counted, Finnbogadottir won about 95 percent of the vote and her rival, Sigrun Thorsteinsdottir, had the remaining 5 percent.The officials said about 75 percent of Iceland's 173,800 eligible voters cast ballots.

In conceding defeat in a television interview, Thorsteinsdottir said the election had been a great victory for all "democratic and freedom-loving people in Iceland" as opposed to the "autocratic and monarchist" supporters of the establishment.