Li & Fung Full-Year Net Profit Surges 17%

Li & Fung

reported a 17% gain in its full-year profit. Li & Fung's net profit for the year surged to $725 million for 2013, versus $617 million in 2012. However, analysts were expecting a profit of $577.1 million. Li & Fung's core operating profit surged 70% to $871 million, while core operating profit margin widened to 4.2% versus 2.5%. Li & Fung shares closed at $2.59 yesterday.