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AMP Limitedâs (ASX:AMP) gave a media report in relation to taking action to reset the business operation and provided 1HFY18 updates. As per the media release, the group expects provision of A$290 Mn (post-tax) for potential advice remediation as a compensation for the consumers who lost their earnings because of poor advice for almost a decade. The management revealed that this provision will be included in the first half of the year results which could impact the bottom line of the company. Based on this, the company has estimated underlying profit of the company in the range of $490 Mn to $ 500 Mn in 1HFY18 as compared to $553 Mn in the prior corresponding period (pcp), marking de-growth of about 9.6% to 11.4% on pcp basis.
On the other hand, the management stated that they remain strongly capitalized and expected capital surplus over Minimum Regulatory Requirements of $1.8 Bn in 1HFY18 that includes the impacts of the advice remediation provision. Further, the group has set the target of total dividend payout ratio to be awarded its shareholders for FY18 at the lower end of the 70-90%.
With this news, the stock tumbled 4.6 per cent with the intra-trading volume of more than 32.94 million. Currently, it traded at $3.32 with the market-cap of circa $10.16 Bn as of July 27, 2018 before market close (AEST: 3:33 P.M.).
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