Old Mutual Posts First Half Profits
Old Mutual Announces an Interim Dividend of 1.1 Pence a Share…
LONDON — U.K. financial-services conglomerate Old Mutual PLC on Friday swung to a first-half net profit, helped by a recovery in sales and favorable exchange rates and said it is “confident” about its business for the full year.
Old Mutual, which has a strong focus on South Africa, also said it sold its U.S. life business to Harbinger Capital Partners for $350 million as part of a major restructuring plan that aims to cut by two-thirds its more than GBP 2 billion ($3.2 billion) of debt.
Old Mutual had a net profit of GBP 265 million in the six months ended June 30, compared with the year-earlier net loss of GBP 70 million. Operating profit rose 43% to GBP 735 million from a restated operating profit of GBP 513 million. At constant currencies, operating profit would have risen 22%. The company reports in pounds, and the rise in the value of the South African rand translated to a higher figure when converted to pounds.
Full article: Old Mutual Posts First Half Profits
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Tags: GBP, Harbinger Capital Partners, London, Old Mutual, Operating Profit, South Africa, United Kingdom
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