Wealth management company AMP Ltd
(ASX:AMP) today posted a slight fall in first half net profit, and says that the market is likely to be subject to ongoing volatility and investor sentiment continues to be subdued.
Net profit for the six months to June 30 dropped one percent to $362 million, down from $366 million recorded in the same period a year ago.
Underlying profit, AMP’s preferred measure of profitability because it removes investment market volatility, fell 16 per cent to $367 million.
CEO Craig Dunn says that while the economic outlook currently looks more promising, the market is likely to be subject to ongoing volatility and investor sentiment continues to be subdued.
Mr Dunn says over the medium to long term, the outlook for wealth management in Australia remains attractive, underpinned by favourable demographics and market growth.
AMP reported net profit of $580 million in 2008.
