January 24, 2019 / 9:00 PM / 4 months ago

Australia's AMP flags 97 pct plunge in annual profit

Jan 25 (Reuters) - Wealth manager AMP Ltd said on Friday it expects a roughly 96.5 percent drop in its net profit for 2018 owing to large remediation costs, as well as increased investment risk over the period.

The company said it expects net profit attributable for the year to Dec. 31 to be about A$30 million ($21.27 million), compared to A$848 million reported last year.

AMP said it will declare a final dividend of about 4 cents a share when it reports its annual results on Feb. 14. ($1 = 1.4102 Australian dollars) (Reporting by Ambar Warrick in Bengaluru Editing by Alexandra Hudson)

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