PARIS (dpa-AFX) - Amundi SA (AMDUF), a French asset management company, on Tuesday reported lower profit for the third quarter, weighed by reduced revenue and one-time expenses.
Profit before tax fell 20.8% to €327 million from €413 million a year earlier, reflecting exceptional restructuring charge of €80 million related to its optimisation plan.
On an adjusted basis, profit before tax rose 1.9% to €445 million from €437 million last year.
Gross operating profit declined to €277 million from €382 million, reflecting a 13.7% rise in operating expenses to €518 million. Adjusted gross operating income fell 6.6% to €379 million, with adjusted expenses down 4.3% to €436 million.
Net income dropped to €249 million or €1.21 per share from €320 million or €1.56 per share a year earlier. On an adjusted basis, net income inched up to €340 million or €1.65 per share.
Revenue slipped 5.1% to €795 million, while adjusted revenue was down 5.4% to €815 million.
Net asset management revenue fell 5.4% to €780 million, while Technology venue rose 49.3% to €29 million.
Assets under management as of September 30 rose 3.5% since the start of the year to €2.317 trillion, driven by strong net inflows of €67 billion and market appreciation of €107 billion.
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