August 7, 2019 / 9:51 PM / 10 days ago

Australia's AMP posts net loss for H1, announces cost cuts

Aug 8 (Reuters) - AMP Ltd, Australia’s largest wealth manager, reported a 38% drop in underlying profit in the first half of this year on Thursday, amid strong fund outflows from its wealth unit.

AMP reported a net loss of A$2.29 billion for the period. It also announced a cost reduction program and said it would raise a further A$650 million through a share placement. Underlying profit for the six months to June 30 was A$309 million ($208.95 million), down from A$495 million a year ago. ($1 = 1.4789 Australian dollars) (Reporting by Rashmi Ashok & Aby Jose Koilparambil in Bengaluru; Editing by Stephen Coates and G Crosse)

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