Fund manager Perpetual says its first-half profit fell 84% on direct impacts of the financial crisis.
Perpetual posted net profit of $14.192 million in the six months to December 31, compared to $87.6 million in the previous corresponding period.
Operating profit fell 48% to $41.6 million while revenue was $194.7 million, down 25%.
Perpetual declared an interim dividend of 40 cents, representing about 120% of net profit.
Shares in Perpetual ended the day down 54 cents, or 2.1%, at $25.51.
Perpetual chairman Robert Savage said in a statement that the funds manager's "operating environment continues to be shaped by the almost unprecedented global economic and financial market turmoil.
"While Australia's economy has proved more resilient than most in the current crisis, expectations are that it will slow substantially during 2009," Mr Savage said.
"While we do not realistically believe the market will rebound to its previous high in the short to medium-term, we continue to look for signs of market recovery but remain cautious in our outlook for the second half of the 2009 financial year," he said.
Chief executive David Deverall said the current environment presented an opportunity for Perpetual to increase its market share.
The company's client base had remained stable, and there was growing interest in its global equity product, he said.
Market consolidation within the Australian wealth management industry was "inevitable in the near-term", Mr Deverall said.
"Perpetual is well positioned to participate in opportunities arising from the consolidation.
"For example, in Perpetual Private Wealth, we continue to actively monitor the market for acquisition opportunities, focusing primarily on smaller bolt-on acquisitions.
"We are ... well-advanced in this endeavour."
AAP
