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AMP'S SUCCESSFUL EXECUTION OF STRATEGY DRIVES CONTINUED GROWTH.
(Full text of a statement. Contact details below.)
SYDNEY/Feb.28, 2001/MediaNet International-AsiaNet/-- AMP today reported a strong 2000 net profit after tax and abnormals of A$1,152m. This represents a turnaround of $1,576m from the A$424m loss after abnormals in 1999.
The company declared a final dividend of A$0.24 per share, 15 per cent franked, taking the total dividend for 2000 to A$0.47 per share, partly franked.
Commenting on the result, AMP's Chief Executive Officer, Paul Batchelor said that in 2000, AMP had sharpened its focus - competing in the high growth international wealth creation and protection markets with an increased emphasis on higher margin, value-added financial services.
"The uncompromising execution of our strategy delivered sustained growth and momentum in our core businesses worldwide. This was further enhanced by a disciplined focus on cost reductions and capital efficiency across the group.
"Importantly, the result has been delivered without mortgaging our future. Our cost cutting has not been at the expense of future revenue opportunities and we have continued to invest for the future. The growth in profit is sustainable and demonstrates the strength and balance of our businesses worldwide.
"Underlying profit before investment income - our core operating margins - is up 65 per cent on last year. Before the Henderson Technology Trust performance fee, operating margins have grown 48 per cent from 1999.
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Source: HighBeam Research, AMP'S SUCCESSFUL EXECUTION OF STRATEGY DRIVES CONTINUED GROWTH.