CHINA: Li & Fung Profit Up By 51 Per Cent
Export trading firm Li & Fung revealed a substantial increase in net profit on Monday. Last year's profit stood at HK870.39m ($73.67m), up 51 per cent from the year before. Turnover grew 53 per cent to HK$24.99bn ($3.2bn). Strong growth in Li & Fung's US retail sales had boosted profits while group managing director William Fung said the company's recent acquisitions made up about 21 per cent of the growth in turnover.
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