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Li & Fung profit misses consensus by 33.7% in H2

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Li & Fung profit misses consensus by 33.7% in H2

Li & Fung Ltd. said its normalized net income for the second half came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS declined 24.3% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $128.4 million, a decrease of 24.3% from $169.5 million in the year-earlier period.

Total revenue fell 14.8% on an annual basis to $8.69 billion from $10.21 billion, and total operating expenses declined 14.6% from the prior-year period to $8.45 billion from $9.89 billion.

Reported net income declined 44.7% on an annual basis to $150.6 million, or 2 cents per share, from $272.2 million, or 3 cents per share.

For the year, the company's normalized net income totaled 2 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3 cents.

EPS declined 22.5% from 3 cents in the prior year.

Normalized net income was $191.1 million, a decline of 22.3% from $245.8 million in the prior year.

Full-year total revenue fell 11.0% on an annual basis to $16.76 billion from $18.83 billion, and total operating expenses fell 10.7% year over year to $16.38 billion from $18.35 billion.

The company said reported net income decreased 47.1% on an annual basis to $222.9 million, or 3 cents per share, in the full year, from $421.2 million, or 5 cents per share.