Hong Kong, 20 August 2001 - Hong Kong-based global export trading firm, Li & Fung Limited (SEHK: 494) today announced that profits attributable to shareholders achieved in the six-month period ended 30 June 2001 was HK$338 million, an increase of 15% over the same period in 2000.
The Group's turnover was HK$13.6 billion compared with HK$10.3 billion for interim 2000. Out of the 32% sales growth, 27% was contributed by Colby International while the remaining 5% came from the Group's core sourcing business.
Earnings per share were 11.8 cents. The Group will pay an interim dividend of 8 cents per share (2000 interim: 7 cents).
Commenting on the prospect for the Group for the year, Group Managing Director of Li & Fung, Mr William Fung, said, "Colby has so far made significant contribution to the overall sales growth of our business since we acquired it in December 2000. Colby will continue to be the main driver of growth in the second half of this year. This will be evidenced by its contribution for the full year.
"We are pleased with the set of results in view of the lackluster economic performance of our major export markets, the US and Europe. We are optimistic that our target of doubling profits in the 1999-2001 three-year plan can be achieved."
Li & Fung is in the course of finalizing the next three-year plan for 2002-2004. "We are planning to double our profits again in the next three years," Mr Fung said.
"Despite present conditions, the underlying trends of private label manufacturing, outsourcing support in supply chain management and global competitive sourcing are still strongly in our favour," Mr Fung continued. "The Group will focus on increasing its margins over this period by becoming more efficient and cost effective. Measures will be undertaken to enhance value added services for customers and to reduce operating costs through achieving economies of scale in information technology and systems.
"We are well funded and further acquisitions will remain a part of our overall strategy. We will continue our efforts in developing the Japan market which will help broaden our customer base and reduce our reliance on the US and Europe in the long run," Mr Fung concluded.
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 37 countries for customers in the US, Europe and Asia.
Corporate website: www.lifung.com
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| Scotchbrook-BSMG Worldwide (Hong Kong) Ltd | Telephone: | 2877 3939 |
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