AMP, the troubled Australian financial services group, has insisted it is on track for a brighter future despite unveiling a record loss of A$2.159bn (£892.1m) for the first six months of the year and slashing its interim dividend payout.
AMP's net loss for the six months to June was slightly better than analysts' expectations and reflected A$2.362bn (£976m) in writedowns, costs from its restructuring and demerger plan and the impact of continued weakness in equity markets.
The massive loss forced the group to cut its interim dividend for shareholders to seven cents per share (£0.03) from 26 cents (£0.11) in the previous corresponding period.
The loss had been widely expected after the group drew attention to more than A$2bn (£826.4m) worth of writedowns when it announced its shock demerger plan in May.
The result compared to a A$303m (£125.2m) net profit for the same period in 2002. Stripping out other items, including the writedowns, AMP's net operating profit dropped 7% to A$317m (£131m).
The group's Australian Financial Services unit's operating margins, which represent the underlying performance of the business, fell 9% to A$172m (£71.1m).
AMP's UK Financial Services arm suffered an A$18m (£7.4m) operating loss compared to a A$174m (£71.9m) gain previously, while Henderson Global Investors' operating margin fell 39% to A$62m (£25.6m).
However AMP's investment income rose to A$220m (£90.9m) from a A$6m (£2.5m) loss previously.
