Mediolanum closed the first nine months of 2011 with a net profit of 60,7 million euros, down 60% compared to the same period last year.
This was stated in a note by the company, explaining that the result was affected by the value adjustments for impairment of the Greek government bonds in the portfolio, with a pre-tax cost of 80 million, and by the negative contribution of investments at fair value, equal to 52 million. Assets under management amounted to 44,85 billion, down 2% from the beginning of the year and up 1% compared to 30 September 2010.
The Board has approved the distribution of the interim dividend for 2011 of €0,07 per share and the issue of non-convertible bonds up to a maximum total amount of 250 million euros which can be placed by 30 June 2012.
