Li & Fung booked a 27 percent increase in full-year profits to HK$4.28 billion (€390.0-$549.0m) thanks to a 19 percent rise in turnover to HK$124.10 billion (€11.3bn-$15.9bn). The core operating profit of the Hong Kong-based sourcing group rose by 42 percent to HK$5.66 billion (€515.7m-$726.0m), which was largely due to the contribution from its higher margin onshore businesses in the U.S. and Europe. Under its new three-year plan, the group aims to reach a core operating profit of US$1.5 billion by 2013. Trading will contribute $700 million to core operating profits in 2013, logistics $100 million and onshore $700 million. The group estimates it is well positioned to grow in three segments but will continue its acquisition policy, to complement organic growth, while maintaining a solid balance sheet.

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