AMCIL reports profit growth

LIC listed investment company amcil limited profit interim dividend special dividend final dividend financial results

22 January 2019
| By Oksana Patron |
image
image
expand image

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.

 

Read more about:

AUTHOR

Recommended for you

 
sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

 

MARKET INSIGHTS

Old Fella

Of course a survey commissioned by an adviser coaching business would find that having an external business coach is a k...

11 hours ago
One foot out the door

A financial planner is expected to earn between $95,000 and $120,000 per year, depending on the state. Really? I don't...

21 hours ago
JOHN GILLIES

The whole thing is a bit frightening especially the last note where notes on what might be done could result in the need...

1 day 17 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

1 week 6 days ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

4 weeks ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

6 days 19 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND