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AMP BOOKS AUSTRALIA'S 2ND-BIGGEST CORPORATE LOSS.

AsiaPulse News

| March 04, 2004 | COPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, March 4 Asia Pulse - AMP Ltd (ASX:AMP) today booked Australia's second biggest corporate loss.

Writedowns and costs from spinning off its British operations have left the group $A5.542 billion ($US4.15 billion) in the red in 2003.

The loss for AMP, which demerged its struggling United Kingdom business HHG Plc in December last year, compared to a million loss in 2002.

The insurance and financial services company's net profit after tax and before other items for the year to December 31, 2003 was $619 million for the demerged AMP.

That compared to $257 million profit in the previous corresponding period, excluding HHG plc.

The group said today its loss on the demerger of HHG was .585 billion, business restructuring costs were $233 million and demerger costs were $193 million.

Losses reported for the demerged entities were $2.193 billion, which included writedowns and provisions.

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Source: HighBeam Research, AMP BOOKS AUSTRALIA'S 2ND-BIGGEST CORPORATE LOSS.

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