For Immediate Release
Li & Fung Reports Strong Profit Growth
Two for One Share Split Proposed
Hong Kong, 18 August 1999 -- For the six months ended 30th June 1999, Li & Fung Limited, the Hong Kong-based multinational export trading group, achieved a profit attributable to shareholders of HK$193 million, representing an increase of 23% over the corresponding period in 1998. The Group's turnover rose by 8.5% to HK$6.6 billion.
Earnings per share increased by 21% to 30.2 cents. The Group will pay an interim dividend of 18 cents per share compared with 15 cents for the same period in 1998.
The Directors of the Company propose that each of the existing issued and unissued shares of HK$0.10 each in the share capital of the Company be subdivided into two shares of HK$0.05 each in order to improve market circulation of the shares.
Group Managing Director of Li & Fung, Mr William K Fung, said "1999 is the first year of Li & Fung's 1999-2001 three-year plan. We are pleased to report a successful start to the plan and the Group expects to maintain its strong record of growth.
"Demand continues to be healthy from our main markets of the US and Western Europe in the first half of the year. We are optimistic that the Group's turnover will grow at a higher rate in the second half of the year. "
Mr Fung concluded, "We will continue to add value to our customers by expanding our sourcing network and provide them with products of the best quality, price and delivery."
In addition to the appointment of Mr Allan Wong Chi Yun, Chairman and Chief Executive of VTech Holdings Limited, to the board in March this year, Li & Fung Limited announced that Professor F Warren McFarlan has been appointed an independent non-executive director of the Group with effect from 19 August 1999.
Professor F Warren McFarlan is Senior Associate Dean, External Relations, of Harvard University. He has been a Professor of Business Administration of Harvard University since 1973 and was Faculty Chairman of Advanced Management Program and Chairman of Executive Education Programs.
Graduated from the Harvard Business School with a doctorate, Professor McFarlan has devoted most of his career life in researching and teaching at Harvard University. Programs taught by Professor McFarlan include MBA and management information systems courses. Professor McFarlan holds directorships at numerous corporations and organisations in the US. He is a director of Computer Sciences Corporation, Providian Financial Corporation and Pioneer Hi-Bred International, Inc.
Li & Fung Limited is today one of the premier global consumer products trading companies managing the supply chain for high-volume, time-sensitive consumer goods including garments, toys and games, sporting goods, furnishings, handicrafts, travel goods and tableware. These goods are sourced through a network of 44 offices in 30 countries for customers in the US and Europe.
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