AMP - the turkey that flies
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     holycow
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Username: holycow
Post Number: 1587
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, August 18, 2005 - 10:26 pm: |  
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AMP Daily
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 1588
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, August 18, 2005 - 10:28 pm: |
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http://au.biz.yahoo.com//050818/18/7nej.html
Thursday August 18, 06:53 PM
UPDATE: Australia's AMP Posts 22% Profit Rise
By Rebecca Thurlow
Of DOW JONES NEWSWIRES
SYDNEY (Dow Jones)--Announcing a better-than-expected 22% rise in first half profit, Australia's second-largest fund manager AMP Ltd. (AMP.AU) Thursday set a goal of doubling its size over five years to more than A$20 billion and announced plans to return capital to its shareholders.
A booming Australian stock market also helped to boost the bottom line of smaller rival Perpetual Trustees Australia, which reported a 32% full year profit jump.
AMP shares surged 4.1% to a six-month high of A$7.31 as investors gained confidence the company has turned the corner after discarding its struggling U.K. operations.
"AMP has gathered strong momentum since the turbulent events of 2002-2003 and the navigation of what we refer to internally as the perfect storm," Chief Executive Officer Andrew Mohl told journalists at a briefing on the results.
"Since then we have steadied the ship, returned to more familiar waters, focused our attention on the path at hand and been fortunate that the winds have turned our way."
AMP recorded a net profit of A$393 million in the six months to June 30, compared with A$321 million a year ago, reflecting rising markets, improved cashflows and further cost cuts.
"AMP's 2005 full year results are tracking well and are better than expected at the start of the year," Mohl said.
Targets Growth Of 15% Per Year
Mohl said AMP is pursuing a doubling in value between mid 2005 and mid 2010, "which equates to average growth of around 15% per annum, including dividends and capital returns paid out to shareholders as well as increases in enterprise value."
Enterprise value will be measured by calculating the median of the major stockbroking analyst valuations of AMP in each year, beginning June 2005 with a median stockbroking valuation of A$11.6 billion.
The company forecast a full-year rise in operating margins of at least 15% and Mohl said that could be viewed as "a conservative form of guidance."
"I think it is fair to say if we were to give a range that number would be at the bottom of the range," he said.
After returning A$746 million to shareholders in June, Mohl said a further substantial capital management program is planned for the first half of 2006, with the company preferring another capital return at this stage.
AMP said its dividend payout ratio remains at 75% but will likely increase in 2007.
The company announced a 14 cent a share interim dividend payment, up from 13 cents a year ago.
Mohl said the underlying return on equity would increase strongly between 2005 and 2007.
"Overall, the result was very, very good," said Peter Vann, an analyst at fund manager Constellation Capital Management.
"It's definitely a turnaround story," he said.
AMP shares have more than doubled in value from a record low of A$2.95 in August 2003, although they are still well down from their 1998 all-time high of A$31.22.
Mohl indicated AMP won't rest on its laurels.
"We are encouraged at the progress that we have made. But it isn't enough," he said.
"These are just the first few legs of a long and challenging race. Our goal is to deliver sustained and increasingly high performance over the coming year to realize the full potential of this company," he said.
AMP's results were its first under the new international financial reporting standards, or IFRS, with all previous first half comparisons restated under the new standard.
Revenue fell 17% to A$4.55 billion from A$5.46 billion mainly due to lower investment gains, following a correction in the Australian equity market early this year after a run of strong gains.
Total operating margins rose 21% and funds under management grew by 7% to A$84.4 billion.
HC
"... if you've got a chart, I have an opinion!"
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ann
Member
Username: ann
Post Number: 791
Registered: 04-2004Rating: N/A
Votes: 0
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| | Thursday, August 18, 2005 - 10:36 pm: |
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Hi HC,
Speaking as a female, which I am, that Andrew Mohl is dead set sexy!!!! I'd gaze into his eyes any day. Yummmm!
Cheers
Ann
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holycow
Member
Username: holycow
Post Number: 1590
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, August 18, 2005 - 10:46 pm: |
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Yeah I know how you feel... this is what I do everyday - staring at my Dutch gal friend's lovely eyes everyday, sometimes I even lick them with my sloppy tongue...
... slluuuuuurrupppppppp!
Cheers.
ps: what's that got to do with investing in AMP? 
HC
"... if you've got a chart, I have an opinion!"
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ann
Member
Username: ann
Post Number: 792
Registered: 04-2004Rating: N/A
Votes: 0
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| | Thursday, August 18, 2005 - 11:04 pm: |
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urkie HC,
I got licked right across my face by a cow when I was a little tacker, not nice!!!
Still, the cow seemed to enjoy it.
You asked.....
ps: what's that got to do with investing in AMP?
There is a better view at the AGM's with Andrew Mohl now that Graeme Bradley has left Perpetual!!!
Cheers
Ann
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