Hong Kong based leading consumer goods exporter Li & Fung Limited reported robust first half results.
Li & Fung Limited confirmed healthy turnover and profit growth for the first half of 2005 on the back of a challenging market landscape. The strong results are in line with the Group's Three-Year Plan 2005-2007 target.
- Turnover and profit growth of 19% and 23% respectively
- Strong start to meet Three-Year Plan target; positive outlook for second half of 2005
Li & Fung's new acquisition strategy has generated solid results with a number of opportunities on the horizon. Outlook for the Group for the remainder of the year is positive.
For the six months ended 30 June 2005, the Group's Core Operating Profit increased 21% while profit attributable to shareholders reached HK$618 million, an increase of 23% over the HK$502 million for the same period in 2004.
Group turnover increased by 19% to HK$23.5 billion, compared with HK$19.7 billion for the corresponding period last year. Earnings per share were 21.2 HK cents, representing a 23% increase from 17.3 HK cents for the first half of 2004. The Board of Directors has resolved to declare an interim dividend of 14.5 HK cents per share (2004 interim: 12 HK cents).
Mr William Fung, Group Managing Director of Li & Fung Limited, said, “2005 is the first year of the Group's Three-Year Plan 2005-2007. The Group is pleased to report a strong start to the plan with an increase in turnover in line with the annual growth rate required to reach our turnover goal in 2007."
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