Li & Fung cash reserves at 2.70 bln hkd; seeks acquisition opportunities

HONG KONG (AFX-ASIA) - Li & Fung group managing director William Fung said the company has cash reserves of 2.70 bln hkd, which will be adequate for future expansion.	    He said the company is looking for further acquisition opportunities in both U.S. and non-U.S. entities.	    "There are a lot of acquisition opportunities elsewhere. So far, we have been too dependent on our soft goods operations, like apparels ... we may be looking at acquisitions to enhance our hard goods business, like machinery," he said.	    Fung said the group's turnover was up 32.0 pct year-on-year, after excluding the contributions from newly acquired entities, including Swire & Maclaine, Camberley and Colby.    	    Those three entities gave rise to an additional 21.0 pct growth in turnover for the group in 2000, he said.	    Separately, he said the company has made a provision of 23 mln hkd against its internet operation, which was established a few years ago to facilitate communication with customers. 	    During the period, the U.S. market accounted for 69.0 pct of its turnover, Europe 26.0 pct, Asia Pacific 3.0 pct, with the balance from South and Latin America, he said.	    Li & Fung recorded a net profit of 870.38 mln hkd in 2000, against 574.63 mln a year earlier. 

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