It is an extraordinary expense, yes, but it is still an expense nonetheless. So yes, it does affect profit. It doesn't matter that it is not an operating cost. If you're talking about operating profit, then that is different.
I've gone back and reviewed MFG's previous announcements regarding dividend payments and it appears that dividends have in the past been based on a percentage of the fund management profit, so it may well be that the expenditure required for the buy back isn't going to impact the final dividend. Time will tell.
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