Banking News

AMP’s anni horribli behind it, Mohl says

AMP’s anni horribli behind it, Mohl says

(25 May 2004 – Australia) AMP chief executive Andrew Mohl has told shareholders that the firm’s positive cashflow trends have continued and that cashflows for the March quarter were up 22 percent on the previous year’s figure. Speaking at the financial services company’s annual general meeting, Mohl said the positive trends were in line with expectations of strong growth and new business.

Mohl said the company was focussed on keeping costs under control and that management was intent on paying down debt to bolster the financial position of the group.

"Lower debt makes AMP more secure and the target debt level of A$1.5 billion should result in AMP regaining an ‘A’ credit rating," he said.

He said this should result in AMP being in a position to return excess capital to shareholders.

Mohl said AMP was operating in a market that was "well on its way to medium term cyclical recovery".

He admitted the previous 18 months had been "horrendous" for investors. However, he believed AMP had turned the corner.
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