AMP report $2.3b loss in challenging 1H19

Company News

by Rachael Jones

AMP (ASX:AMP) released their first half 2019 results showing a $2.29 billon loss, compared to the second half of 2018 where they saw a loss of $87 billion.

They report $2.35 billion impairments predominantly non-cash, to address legacy issues and for the future of the company.

They saw underlying profit of $309 million, driven by earnings growth in AMP Capital and AMP Bank performance.

They announced a $650 million capital raising to help pay for a $1.3 billion three-year transformation program.

Resolution Life to be sold in a revised deal worth $3 billion.

Chief Financial Officer John Patrick Moorhead has decided to leave.

The Board decided not to declare a first half 2019 dividend.

Shares in AMP (ASX:AMP) are in a trading halt - last traded at $1.73.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.