COMPANY RESULTS
Li & Fung boosts profit and targets supply chain business
Hong Kong — Hong Kong’s Li & Fung, which supplies clothing and other products to retailers across the world, said on Thursday its 2017 profit from continuing operations rose 6.5% amid growth in its supply chain solutions and logistics businesses. Li & Fung, which made its name by making clothing and toys for western retailers, said profit from continuing operations rose to $170m, from a restated $160m in 2016. The company also said it recorded a $375m net loss for 2017, versus a $221m profit in 2016, due to a one-off noncash loss for discontinued operations. The accounting losses have no effect on its future cash flow or operational and financial performance, the firm said. In December, Li & Fung said it would divest its struggling furniture, beauty and sweater businesses for $1.1bn, streamlining its operations while providing it with financial firepower to build its digital supply chain and logistics businesses. It said the deal would lead to a $610m loss because of related writedo...
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