CANBERA (dpa-AFX) - Financial services company AMP Ltd. (AMLTF.PK, AMP.AX) reported Thursday that its fiscal 2019 net loss attributable to shareholders was A$2.5 billion, compared to last year's profit of A$28 million.
The latest loss was due to a predominantly non-cash impairment of A$2.35 billion to reflect major business changes.
Underlying profit was A$464 million, down 31.8 percent from prior year's A$680 million.
Total operating earnings fell 36.2 percent to A$416 million from A$652 million a year ago.
Retained businesses operating earnings declined 22.7 percent from last year to A$565 million.
Further, citing that it is yet to complete the sale of AMP Life, the Board has taken the decision not to declare a final dividend. As a result, AMP has not paid a dividend in 2019.
AMP said it remains on track to complete its client remediation program in 2021 with 80 percent of the program expected to be complete by the end of FY 20.
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