THE investment fund AMCIL returned a slight profit drop for the first half as the sharemarket downturn cut trading income across the $148 million fund.
AMCIL, which was once aligned with stockbroking firm JBWere and includes several of the broking firm's former executives, posted a net profit of $4.93 million for the six months to end-December, a drop of 2.2 per cent from a year earlier.
No interim dividend was declared which, AMCIL said was in line with the company's practice. AMCIL's investment portfolio made a positive return of 0.5 per cent for the first half, which beat the S&P/ASX 200 Index return of negative 9.7 per cent.
AMCIL gained holdings in Hastings Diversified Utilities Fund, Telstra, Eastern Star Gas, Senex Energy and Transurban in the first half.
It trimmed its holdings in companies including Perpetual, Alumina and Iluka Resources and maintained a limited exposure to discretionary retail stocks and smaller resources companies.
AMCIL's net tangible asset backing per share before any provision for tax on unrealised gains at end-December was 74? per share, down from 79? at the end of the previous corresponding period.
The fund's top holdings by value are Hastings Diversified Utilities Fund at $11.9 million, Commonwealth Bank at $8.6 million and Westpac on $7.3 million.
AMCIL had $4.5 million in cash and another $10 million in debt facilities. Total revenue rose 2 per cent to $4 million as dividends and distributions from investments, as well as revenue from deposits and bank bills, climbed.
But AMCIL's net operating result fell 9.4 per cent to $3 million, largely due to a $536,000 net loss on its trading portfolio during the first half.