By NZPA
Thursday 28th November 2002 |
Text too small? |
Chairman Gil Hoskins told shareholders at the annual general meeting that the company expects to write $A1.0 billion in annuities in the year.
Mr Hoskins said the board was assessing all current operations with a view to increasing the focus on the company's two major business lines -- funds management and annuities.
He said a cost review will aim to achieve a $A20 million reduction from the operating budget over the 2003 calendar year, mainly from peripheral activities and distribution networks.
Specific areas to be impacted include the company's UK and New Zealand operations.
"Following a four month -- and ongoing -- internal review, we are making pro-active decisions to improve our profit outlook while making our business more transparent and easier for investors to understand," he said.
No comments yet
ATM - FY25 revenue guidance and dividend policy
November 22th Morning Report
General Capital Announces Another Profit Record
Infratil Considers Infrastructure Bond Offer
Argosy FY25 Interim Result
Meridian Energy monthly operating report for October 2024
Du Val failure offers fresh lessons, but will they be heeded in the long term?
November 19th Morning Report
ATM - Appointment of new independent NED
CFO promoted to Chief Development & Major Projects Officer