For Immediate Release
Hong Kong, 27th March 2000 -- For the year ended 31st December 1999, Li & Fung Limited, the Hong Kong-based consumer products trading group, announced attributable profit of HK$575 million compared to HK$455 million in 1998, an increase of 26.2%. The Group's turnover was HK$16.3 billion compared with HK$14.3 billion for the same period in 1998. Earnings per share were 44.7 cents as against 36 cents in 1998.
Group Managing Director of Li & Fung, Mr William K Fung, said, "We are pleased with the growth of our business during the past year. Strong economic conditions in the US in particular have been in our favour. But more importantly, the expanded base of new and large customers we have built over the last 3-year-plan is beginning to bear fruit.
"In addition, the depth of our experience in managing the supply chain, and our sophisticated Internet based links with our more technologically advanced customers, both contributed to achieving double digit growth," added Mr Fung.
The Board of Directors has recommended a final dividend of 25 cents (21 cents in 1998). An interim dividend of 9 cents was paid on 10th September 1999 (7.5 cents in 1998) making a total of 34 cents for the year. [NOTE: All dividends and earnings per share for previous periods are adjusted to reflect the two-for-one share split of 13th October 1999.]
Looking ahead for the year 2000, Mr Fung said that turnover-led growth will continue with the inclusion of Swire & Maclaine and Camberley which were acquired from Swire Pacific in December 1999 through an agreement which is expected to be completed in April 2000.
Mr Fung announced the formation of a new e-commerce subsidiary, lifung.com, to open up a new market segment of overseas small and medium size customers who can be serviced in a cost effective way with Internet technology.
Mr Fung said, "Information is at the core of our business and new technologies in this area offer us many opportunities to increase our leading edge in managing the supply chain for old and new customers. We are sure that the Internet and e-commerce offer vast opportunities to Li & Fung."
Li & Fung Limited is today one of the premier global consumer products export trading companies managing the supply chain for high-volume, time-sensitive consumer goods including garments, fashion accessories, toys and games, sporting goods, furnishings, handicrafts, shoes, travel goods and tableware. These goods are sourced through a network of offices in over 30 countries for customers in the US and Europe.
For further information please contact:
| Scotchbrook Communications Limited | telephone | 2877 3939 |
| Fannie Mok | direct line | 2863 9119 |
| Christopher Homfray | direct line | 2863 9136 |
| Corporate website | www.lifung.com | |
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