Li & Fung (00494) said its profit attributable to shareholders for the six months ended 30 June 2016 dropped 51.4% year-on-year to US$72.315 million.
Basic and diluted earnings per share were US0.87 cent and US0.86 cent.
The turnover was US$8,071 million, a decrease of 6.4% from a year earlier.
Core operating profit fell 14.2% year-on-year to US$156 million due to a lower contribution from our Trading Network. The decline in Trading Network turnover dragged down the Trading Network's core operating profit by 19.1%. This was offset by the 20.8% surge in the Logistics Network's core operating profit.
Excluding write-back of consideration payable, as well as other non-cash M&A items, such as amortization of M&A related intangible assets and non-cash interest expenses, the adjusted profit attributable to shareholders declined 16.5% when compared to the same period last year.
The proposed interim dividend is HK11 cents (2015: HK13 cents) per share, payable on 20 September 2016.
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