Financial services firm IOOF has downgraded its earnings for the financial year.
The firm now expects that its underlying net profit after tax (UNPAT) will be between $25 to 27 million.
The firm said the revised profit figure reflects the continuing uncertainty in relation to equity markets.
On February 6, 2008, IOOF said that it expected its full year UNPAT to be similar to that of the year ended 30 June 2007, which was $29.2 million.
At the time IOOF indicated that this forecast was based on the assumption that markets would recover and stabilise.
In April 2008, IOOF advised that funds under management and administration (FUMA) as at March 2008 was $30.7 billion, representing a 11.3 per cent reduction in FUMA from December 2007 levels.
IOOF chief financial Mark Blackburn said the company has not had to put off any new business activities as a result of the markets.
