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Australian Foundation Investment Company’s profit surges 73pc on dividend lift

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The listed investment company gets a bounce in profit, but warns corporate earnings may be hit by supply chain disruptions.

Listed investment company Australian Foundation Investment Company has outperformed the market in the first half of 2021-22, but warns strong corporate earnings seen last year may be hit by supply chain disruptions.

He added that COVID-19 was affecting industries in different ways, such as some having trouble sourcing staff with borders closed. But this could also result in some permanent adjustments in how people work, he said. The biggest increases came from the major banks, Macquarie Group, BHP and Rio Tinto as a result of previous very strong iron ore prices, AFIC said.

 

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