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.
The market could be forgiven for struggling to make sense of...
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| Last updated 15.59pm 24/05/2024 ? | |||||
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