The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.5% to 8,583 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
The AMP share price is down 15% to $1.49. Investors have been selling the financial services company's shares following the release of its full year results. AMP reported a 15.1% increase in underlying net profit after tax to $236 million for FY 2024. This was driven by strong profit growth from its Platforms, Superannuation & Investments, and New Zealand businesses, which was partially offset by a 22.6% decline in AMP Bank profits. On a statutory basis, AMP reported a 43.4% decline in profit to $150 million. This statutory result includes AMP's business simplification spend and the loss it incurred on the sale of its Advice business.
The Civmec share price is down 11% to $1.08. This morning, this engineering services provider released its half year results and reported a 2.2% increase in revenue to $502.9 million but a 16.9% decline in net profit after tax to $26.5 million. Margin pressures weighed on its profitability during the six months.
The Cochlear share price is down almost 14% to $262.90. The catalyst for this has been the release of the hearing solutions company's half year results. Cochlear reported a 5% increase in sales revenue to $1.17 billion and a 7% increase in underlying net profit to $206 million. While a solid result on paper, the market appears disappointed that management is now only guiding to the low end of its profit guidance range for FY 2025. It advised that this is due to a weaker Services contribution and increased cloud-related investment.
The LGI share price is down 3% to $2.90. This morning, this biogas company released its half year results and reported a 7% increase in revenue to $16.9 million but a 22% decline in statutory net profit to $2.4 million. Looking ahead, management advised that it continues to expect its FY 2025 underlying EBITDA to grow by 12% to 15% versus FY 2024. Given that underlying EBITDA grew 3% during the first half, this implies a major uptick in its performance in the second half.
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