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Profits and sales drop at Li & Fung

Li & Fung has reported a 15.2% fall in operating profit to $512m (£353m) for the year to December 31, while total sales slipped 2.4% to $18.8bn (£12.9bn) due to a “challenging macroeconomic environment” and unfavourable currency headwinds.

Li Fung

Li Fung

Source: Li Fung

Li & Fung

Turnover in the trading business decreased 2.8%. However, the firm’s logistics business increased sales by 6.7%.

Spencer Fung, group chief executive of Li & Fung, said 2015 was a “challenging year”.

“Our major markets in US, Europe and Asia all experienced strong headwinds. However, our business foundation remains solid and our turnover was resilient. There was an increase in trading unit volume and continued growth with our core customers.”

He added: “Our logistics business continued to be high-growth despite economic challenges across Asia and in the global freight market.”

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