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AUSTRALIA'S SUNCORP FORECASTS SHARP FALL IN FY08 PROFIT.(Financial report)
SYDNEY, Aug 1 Asia Pulse - Suncorp Metway Ltd (ASX:SUN) will leave its fiscal 2008 final dividend unchanged and has forecast flat dividend growth for fiscal 2009 after bad weather and the credit crunch almost halved its annual profit.
The bank and general insurer said it expects its preliminary, unaudited fiscal 2008 annual net profit to be between $A525 million ($US493.82 million) and $A550 million ($US517.33 million).
Last financial year, annual net profit was a record $A1.064 billion ($US1.0 billion).
"Like all Australian financial services companies, our result for the 2008 financial year has been affected by external factors, including the global credit crunch, volatile equity markets and a succession of severe weather events," chief executive John Mulcahy said.
Suncorp said it decided to leave its fiscal 2008 final dividend unchanged at 55 cents, given the impact of external events.
This year's full-year dividend was anticipated to stay at .07 ($US1.01), it added.
Suncorp said its banking business expected to increase its fiscal 2008 annual earnings before bad debts, tax and one-off items by about 12 per cent, at the top end of its 10 to 12 per cent guidance.
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Source: HighBeam Research, AUSTRALIA'S SUNCORP FORECASTS SHARP FALL IN FY08 PROFIT.(Financial...