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Australian Foundation Investment Co Limited (ASX:AFI) has generated a slight increase in half year net profit, as investors embraced equity markets.

 

Profit after tax came in at $137 million, up 3.7 per cent on the same period a year ago.

 

The net operating result was also $137 million, up 10.8 per cent on the previous corresponding period.

 

AFI declared an interim dividend of 8 cents per share fully franked, on par with last year’s.

 

The fund manager sees the Australian share market to be fully valued and says it remains on the lookout for attractive long term investment opportunities.