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PHILLIP LASKER, PRESENTER: The turmoil on global equity markets has dented the profits of investment and insurance house, AMP.
Half year earnings of the country's third biggest retail fund manager have fallen by nearly a quarter to $366 million.
Underlying profit, which excludes write-downs and provisions on declining investments, slid two per cent to $437 million, a figure that bettered analysts' forecasts.
AMP also says the market environment has ruled out any share buybacks.
CRAIG DUNN, CEO, AMP: While we remain optimistic over the medium term, there's no doubt that the immediate future continues to be very challenging.
And given this environment, we continue to manage the business responsibly and maintain our prudent approach to capital management.
PHILIP LASKER: Investors drove up AMP shares six and a half per cent to $6.82, their biggest one-day gain in more than three months.
And we'll talk to AMP's Craig Dunn later in the program.
Source: Lateline Business
