The result was 31 per cent lower than last year's outcome, when the group posted a profit of $27.3 million, WAM Capital said.
However, the LIC raised its dividend by 25 per cent to five cents per share.
"The profit was down on the prior period's comparative figure because the change in the portfolio in dollar terms was less than the prior period," WAM Capital said.
"In the six months to December 2009 the fund increased 30.1 per cent, while in the six months to December 2010 the fund increased 16.8 per cent."
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