AMP’s profit falls by 74% HY18

Company News

by Anna Napoli

AMP (ASX:AMP) has reported its profit for the half year to 30 June fell by 74 per cent to $115 million when compared to the prior corresponding period.

The wealth management company's revenue decreased by 6 per cent to $7.17 billion.

Its total operating earnings decreased by 6.9 per cent on the same time last year to $474 million.

AMP declared an interim dividend of 10 cents, 50 per cent franked and a final dividend of 14.5 cents 90 per cent franked.

During the six month period AMP was served with five competing shareholder class actions which followed the Royal Commission and allege breaches by AMP of its continuous disclosure obligations.

AMP is also the subject ASIC civil penalty proceedings which allege contraventions of the Corporations Act.

The wealth management company says its overall performance was resilient despite the impact of the Royal Commission.

Shares in AMP (ASX:AMP) closed about 2.9 per cent lower to $3.35 yersterday.



 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.