The managing director of Australia's oldest and largest investment company has described the impact of the coronavirus as worse than the global financial crisis, after reporting a 41 per cent decline in profit and being forced to draw on reserves to make up the final dividend.

Australian Foundation Investment Company's managing director, Mark Freeman, said the impact of the virus crisis on everything from everyday routines to global economies felt more challenging than the GFC, where the financial system was just a few wrong moves from a catastrophe.