Challenger Financial Services Group said it expects its first half profit to be within five per cent of consensus forecasts of $108 million.
Responding to a price query from the Australian Securities Exchange, Challenger said it expects normalised profit to be within 15 per cent of the previous corresponding period, and five per cent of consensus forecasts.
"The group expects to be within five per cent of market consensus for the interim period first half 2009 of $108 million normalised net profit after tax," Challenger said.
The group estimated fair valuation adjustments, that largely affect its life insurance and investments businesses, at about $225 million, post-tax, which means Challenger will in fact report a large loss.
Shares have almost halved in value since the start of 2009 to $1.03.
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