Listed investment company (LIC) invested in Australian equities, AMCIL Limited has announced a profit of $3.66 million, which represented a 42.7 per cent growth from the corresponding period.
The company held a focused portfolio of large, mid and small companies, with top investments including CSL, BHP, Mainfreight, Westpac Banking Corporation and Macquarie Group.
The board also declared an interim dividend of two per cent per share, fully franked, and a special dividend of 1.5 cents per share. A final dividend would stand at 4.25 cents per share, in respect to the financial year ended 30 June, 2018.
According to AMCIL, the recent fall in the market offered better value and presented new opportunities for investors but, at the same time, uncertainty increased.
This would include the impact of Chinese economic impact, the direction of US interest rates, the trade tensions between the US and China as well as a changing outlook for the Australian economy during the time of falling house prices and a federal election.
“As a result, AMCIL will look to navigate carefully the expected heightened volatility arising from those risks, with an emphasis on looking for quality companies that are trading at reasonable long term value,” the company said in a press release.
However, AMCIL said it remained concerned about the current proposal from the Australian Labor Party to end the refundability of franking credits.