The market could be forgiven for struggling to make sense of...

The market could be forgiven for struggling to make sense of AMP’s (ASX:AMP) interim result today which include corporate largesse in the face of an underwhelming six-month performance.

In one breath the reincarnated 'grand-old-dame' of the ASX posted a -24.5% fall for the six months to 30 June(on the previous year) in underlying after tax profit of $117m, while in the next breath announcing a massive future capital return to shareholders.

While statutory net profit was $481m,(up 230% from $155m last year), the lion’s share of the windfall came from the sale of the company’s infrastructure debt platform, with $382m coming from“ discontinued” operations and only $99m from “continuing” businesses.

With AMP's consensus underlying earnings missing estimates, AMP’s board chose for the fourth consecutive year not to declare an interim dividend.