HIGHLIGHTS

PROSPECTS

Hong Kong, 23 April 1997 -- For the year ended 31st December 1996, Li & Fung Limited, one of Hong Kong's oldest and largest export trading groups, announced attributable profit of HK$300 million compared to HK$225 million in 1995, an increase of 33.3%. The Group's turnover was HK$12,514 million compared with HK$9,213 million for the same period in 1995. Earnings per share were 50.3 cents as against 40.6 cents in 1995.

Commenting on the results, Group Managing Director of Li & Fung, Mr. William K Fung, said "We set a target of doubling our 1995 profits within three years. I am pleased to say that with the strong 1996 results we are well on track to achieving this target."

The Board of Directors has recommended a final dividend of 26 cents (19 cents in 1995). An interim dividend of 10 cents was paid in September 1996 (9 cents in 1995), making a total of 36 cents for the year.

Commenting on the company's balance sheet, Mr. Fung said "In May 1996, we undertook a placement of shares to repay bank loans (incurred for the acquisition of Dodwell) and to replenish general working capital. Those loans have been repaid and our gearing is back to pre-acquisition levels. We are now well placed to make additional strategic investments in areas that support and complement our core trading business."

Looking to the future, Mr Fung remarked "The main oppportunity ahead is the full exploitation of our enlarged sourcing network for existing customers. In addition, we will be expanding our network to provide our European and American customers with quick response sources in the Mediterranean and Central America respectively. We also see good potential in new customer markets in the region, particularly Japan and China."

Li & Fung was established as a trading house in Canton in 1906. Today, the Company is headquartered in Hong Kong with a staff of over 2,400 worldwide. Li & Fung is the premier Chinese multinational trading company and is listed on The Stock Exchange of Hong Kong.

© Copyright 1996-2008 irasia.com Ltd. All rights reserved. Tel: (852) 2831-9792.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.