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AMP still in turmoil after record loss

AMP still in turmoil after record loss

(Australia) - Australian financial services group AMP remains in turmoil after last week's record loss, with the share price plumbing new lows and ongoing doubts about the company's UK business. AMP shares, which enjoyed a 52 week high of over A$19, ended Monday March 3 at A$6.77 after earlier touching A$6.60.

Although the company had telegraphed its record loss well in advance, comments by chief executive Andrew Mohl on the "Business Sunday" program added to the gloom surrounding the company.

Mohl said the insurer and fund manager was fighting for its survival and faced a battle to restore its brand integrity among investors and customers.

Mohl warned that 2003 would be an even tougher year for AMP than 2002.

The company, which replaced half its board - including chairman Stan Wallis - just before its profit announcement, is also in dispute with former chief executive Paul Batchelor over his final payout, which is reported to reach as high as A$20 million.
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