Hong Kong, 15th August 1997 -- For the six months ended 30th June 1997, Li & Fung Limited achieved a profit attributable to shareholders of HK$128 million, representing an increase of 26.4% over the corresponding period in 1996. The Group's turnover rose by 7.9% to HK$5,622 million from HK$5,208 million in the same period in 1996.

Earnings per share increased to 20.5 cents from 17.6 cents. The Group will pay an interim dividend of 13 cents per share compared with 10 cents for the same period in 1996.

Commenting on the results, Group Managing Director of Li & Fung, William K. Fung, said that the Group had maintained healthy growth in turnover and profits in accordance with its plans. At the same time, the continued focus on raising margins had delivered very satisfactory results.

"When we acquired Dodwell in 1995, our great challenge was to make the Dodwell business as profitable as that of the original Li & Fung business," said Mr Fung. "I am pleased to report that we are well on track to meeting this challenge. Our achievement to date is well reflected in the profit figure in 1996 and for this half of 1997. "

Mr Fung added "Our results also reflect the fuller exploitation of our enlarged sourcing network. Customers have been quick to welcome the increased access that we are now providing to sources in the Indian subcontinent, the Mediterranean and the Caribbean."

Looking ahead, Mr Fung said that Li & Fung will not only continue to focus on growing its business internally, but has also formulated a comprehensive strategy for growth via acquisitions and strategic investments in areas that will further support and enhance the business.

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 and a turnover in 1996 of HK$12,514 million. Li & Fung is the premier Chinese multinational trading company and is listed on The Stock Exchange of Hong Kong.

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