Li & Fung Says H1 Profit Attributable From Continuing Operations $21 Mln [Reuters]
LI & FUNG LTD ADR (LFUGY)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: Reuters
LI & Fung Ltd (0494.HK) Key Developments | Reuters.com Aug 22 (Reuters) - LI & Fung Ltd ::H1 PROFIT ATTRIBUTABLE FROM CONTINUING OPERATIONS $21 MILLION VERSUS $48 MILLION.HY TURNOVER $5,356 MILLION VERSUS $ 5,850 MILLION.RESOLVED TO DECLARE AN INTERIM DIVIDEND OF 1 HK CENT PER SHARE.WE EXPECT MULTI-YEAR DESTOCKING TREND IN RETAIL TO CONTINUE THROUGHOUT REMAINDER OF 2019.LI & FUNG - MULTI-YEAR DESTOCKING TREND IS REDUCING CUSTOMERS' MERCHANDIZING BUDGETS & TRANSLATING INTO HEADWINDS FOR SUPPLY CHAIN SOLUTIONS BUSINESS.WITH CONTINUED DISRUPTION IN RETAIL LANDSCAPE, WE EXPECT MORE STORE CLOSURES AND BANKRUPTCIES.STRONG ORGANIC GROWTH MOMENTUM OF IN-COUNTRY LOGISTICS BUSINESS IS EXPECTED TO CONTINUE.SAVINGS FROM RESTRUCTURING OF SOURCING AND PRODUCTION PLATFORM IN 2019 WILL BE ANNUALIZED NEXT YEAR.WILL CONTINUOUSLY REVIEW RISK PROFILE OF CO'S CUSTOMER PORTFOLIO,REDUCE CREDIT RISK AS NEEDED, WHICH WILL NEGATIVELY IMPACT TURNOVER.BREXIT MAY NEGATIVELY IMPACT CONSUMER SENTIMENT IN UNITED KIN
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