February 13, 2019 / 9:08 PM / 7 months ago

Annual profit at Australia's AMP plunges as domestic wealth unit sees heavy outflows

Feb 14 (Reuters) - Australia’s largest wealth manager AMP Ltd reported a 35 percent fall in annual underlying net profit on Thursday, matching its guidance and reflecting underperformance at its domestic wealth management arm.

Underlying net profit, which ignores one-off items, came in at A$680 million ($482 million) for the year ended Dec. 31, compared with A$1.04 billion the previous year, AMP said in a statement. The company had forecast an underlying profit of A$680 million last month, a 35 percent drop.

Net cash outflows from its Australian wealth management unit were A$3.97 billion during the year, compared with net cashflows of A$931 million during the previous year.

$1 = 1.4108 Australian dollars Reporting by Ambar Warrick and Rushil Dutta in Bengaluru; Editing by Stephen Coates and Susan Fenton

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