AMP shares rally on first-half profit guidance upgrade
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More news: Shares in AMP rallied in morning trade after the wealth manager lifted its first half underlying profit guidance to between $170 million and $180 million, driven by strong momentum across its China partnerships alongside favourable investment income.
Shares jumped 5.9% to $1.83 at 11:59am AEST.
AMP boosts first half profit expectations on China partnerships, investment impacts
The news: Wealth manager AMP has increased its first-half guidance, boosted by a strong contribution from partnerships in China and favourable investment impacts.
The numbers: AMP now expects first-half underlying net profit after tax to be between $170 million and $180 million.
Underlying NPAT in the prior corresponding period was $131 million.
The company said a stronger contribution from its China partnerships has led to a 24% increase half over half, to around $56 million.
Favourable investment income impacts are expected to add $5 million to the result, supported by recent increases in interest rates.
AMP will also recognise $13 million of carried interest in relation to the partial sale of remaining assets within a legacy fund that was retained from the sale of the international infrastructure equity business.
The source: ASX
