Home / Knowledge / News / Apparel/Garments / Li & Fung H1 revenues stay stable
Li & Fung H1 revenues stay stable
13
Aug '13
Hong Kong-based Li & Fung Limited, the multinational consumer goods sourcing, logistics, and distribution group, announced that in the first six-month period ending 30 June 2013 it achieved a turnover of US$9,129 million.

This was comparable to the US$9,128 million achieved in the first half of 2012, reflecting that, increasingly, the Group’s businesses are skewed towards the second half of the year due to seasonality effects and change in the business mix towards wholesale and distribution. 

Highlights:

- Turnover of US$9,129 million at same level as in previous year
- Core operating profit of US$223 million represents an increase of 1%
- Overall margin percentage increased from 14.5% to 15.1%
- Strong operating cash flow of US$217 million on par with 2011 operating level
- Seasonality and change in business mix has increased skewing of core operating profit towards the 2nd half of the year
- Restructuring of LF USA on track for completion by the end of 2013

Overall, results across the Group were in line with its previously stated focus on returning to 2011 operating levels by the end of 2013.

Core operating profit grew by 1% to US$223 million in the first six months of 2013. Profit attributable to shareholders was US$96 million, representing a decrease of 69%. This was mainly due to the non-cash gain of US$198 million on the write-back of contingent considerations in 2012.

Excluding such non-cash gain, profit attributable to shareholders decreased by 15%. Basic earnings per share was 9 HK cents (equivalent to 1.15 US cents), a decrease of 70% compared to 30 HK cents (equivalent to 3.80 US cents) during the same period in 2012.

The Board of Directors has proposed an interim dividend of 15 HK cents (equivalent to 1.9 US cents) per share (2012 interim: 15 HK cents – equivalent to 1.9 US cents).

Mr. Bruce Rockowitz, Group President and CEO of Li & Fung Limited, said, “Our business continues to achieve satisfactory results across our three Networks as we remain focused on returning to 2011 operating levels for the Group as a whole by the end of this year. The restructuring of LF USA has been progressing well and we are on track to complete the project by the end of 2013.” 


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search