AMP will announce its six-monthly profit on Thursday, with the market bracing for a big decline from last year’s performance.

CEO Paul Batchelor said in a statement to the Australian Stock Exchange that AMP’s management “has now substantially completed its half-year close which provides a more complete view”.

It would need to. AMP’s discussions with analysts a couple of weeks ago – in which it first indicated a much lower result – has landed it in trouble with ASIC. Its shares fell 8.4% following the July analysts’ briefings, and ASIC is now considering whether the company broke the laws relating to disclosure.

Now AMP is predicting their profit between $390 million and $410 million. Mr Batchelor said the earlier forecasts were released before the earnings were reviewed by the company’s auditors, management and board. He made the revised forecast after meeting with the board’s audit and compliance committee.