AMP 1st Half Net Profit Rises 17.4% To A$425 Million

AMP Ltd. (AMP.AU) said Thursday first-half net profit rose 17.4% to A$425 million from A$362 million a year ago as the group adjusted its product offering in the face of government reviews into fees charged on superannuation.

Analysts, according to a poll of five by Dow Jones Newswires, were expecting net profit of A$383.4 million in the period ended June 30.

Underlying profit was A$383 million, up from A$367 million in the same period a year ago. That measure removes the impact of some of the market volatility. That result fell short of the market's expectations, Chief Executive Craig Dunn said.

On the ongoing pursuit of AXA Asia Pacific Holdings Ltd. (AXA.AU), management said the company "remains strategically attractive to us." National Australia Bank (NAB.AU) is the front-runner in the bidding war for AXA, although NAB has yet to satisfy competition authorities with its bid.

AMP declared an interim dividend of 15 cents a share, compared to a dividend of 14 cents a share in the year earlier period.

-By Cynthia Koons; Dow Jones Newswires; [phone]; [e-mail]