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AFG diversifies into property development

Mortgage aggregator AFG is expanding into property development. The group's 2012/13 financial report provides details of new several developments in Perth.The company said it had sold most of the lots in a Lillydale development and was focusing on the marketing of a development in East Fremantle called the Richmond Quarter. It has a 40 per cent interest in a commercial building in Havelock Street, in the Perth CBD, and it made two new investments this year.Earnings from property investment were not disclosed.AFG made a net profit of A$15.2 million in the year to June - down from $18.9 million the previous year. Commissions and other income rose, but there was also a substantial increase in expenses.AFG entered the securitisation market this year, raising $575 million through two issues of residential mortgage-backed securities. The company said it was looking to develop AFG Securities.

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