AFIC profits rise on rate cuts

Australia's largest listed investment company says caution is needed on global weakness.

Australia's largest listed investment company has recorded a 10% rise in profit but says caution is needed in the local stock market.

Australian Foundation Investment Company (AFIC) made a net profit of $242.8 million in the 2012/13 financial year, up more than 10% from the previous year.

It said the Australian market benefited from a string of interest rate cuts during the year.


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