Fosun records 34% jump in net profit to $890m

Hong Kong listed Fosun International Limited registered a record high net profit of 5.86 billion yuan ($889 million) for the first half of 2017, up 33.6 percent year-on-year.

According to its interim results announced on Wednesday, Fosun International's total revenue increased 11.6 percent from a year earlier to reach 36.27 billion yuan in the first fiscal half of this year which ended on June 30. With an ongoing capital structure optimization, the company's cash flow surged by 50 percent and net debt went down by 14.9 percent.

Wang Qunbin, Chief Executive Officer of Fosun International, said that the record high half-year profit has reflected the company's continuous improvement in investment and management. Fosun International's compound annual growth rate was 25 percent over the past five years, he said.

Wang Can, Chief Financial Officer of Fosun International, said several company's assets have turned around their operations in the first half, including Peak Reinsurance, ROC Oil and Portuguese bank Millennium BCP. The company also witnessed significant profit growth in Nanjing Nangang, Yuyuan and Mybank.

"Against the backdrop of strong market conditions, our secondary market subsidiaries and associates performed well and we successfully listed six new companies in the domestic A-share market," he said.

Guo Guangchang, chairman of Fosun International, said the company's goal is to become a leading global enterprise, bringing innovative and high-quality products and services to families all over the world, particularly in China.

"We are making good progress toward that goal," he said.