Australia's Perpetual falls as asset management division misses consensus

Perpetual

29/08/2024 03:48

** Shares of Perpetual  PPT.AX  fall as much as 3.8% to
A$19.860, lowest since Nov 2, 2023      
    ** Financial services firm says its asset management
division logged a full-year underlying profit before tax of
A$200.4 mln ($136.15 mln)
    ** That was below a consensus estimate of A$201.6 mln
provided by Macquarie
    ** "FY24 result itself is a beat but that came from
Corporate Trust division (one-off/lower quality)" - Macquarie
    ** "Miss was in the PAM division, which is the division they
are keeping" - Macquarie 
    ** Perpetual sold its corporate trust and wealth management
units to KKR & Co for around $1.4 bln earlier this year
    ** Group's total expenses for the year increased by 39% to
A$1.05 bln
    ** PPT down 19% YTD, as of last close

($1 = 1.4719 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))