Old Mutual profits down

Old Mutual’s profits for its year to end-December could fall by a quarter due to SA’s tough economic environment and the unbundling of its majority shareholding in Nedbank, the insurance group said yesterday.

Headline earnings per share are expected to fall between 22% and 25% compared with the previous period’s 306.9c.

The group said yesterday results from operations were expected to decrease as much as 5%.