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Fosun posts 24% rise in 2014 profit
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SHANGHAI-BASED conglomerate Fosun International Ltd posted a 24 percent rise in 2014 profit, driven by fast growth in its healthcare and financial services businesses.
China's largest non-state investment conglomerate said annual profit rose 24.2 percent to 6.86 billion yuan (US$1.1 billion) from a year earlier, with income adding 21 percent to 61.7 billion yuan.
Fosun's insurance business contributed greatly to revenue in 2014, making it the biggest sales source among financial service sectors, replacing asset management.
"Insurance has become the most important segment for Fosun and has exerted a fundamental impact on the overall business operation and profit for the group," Guo Guangchang, president of the company said in a letter to investors.
Guo said Fosun will invest in locally leading insurance institutions and expanding insurance assets in the coming years, amid a low interest rate environment in the US, Europe and Japan.
The conglomerate's property development business remained the biggest profit generator, bringing in 2.5 billion yuan last year, up 20 percent year to year.
Fosun is planning a takeover bid for commercial real estate broker Cushman & Wakefield Inc, in a transaction that is estimated to be worth US$2 billion, which would take several months to complete, Bloomberg News reported last week.
Hong Kong-listed company said its financial services, healthcare and lifestyle businesses made up 34 percent of its revenue and was 95 percent higher than in 2013.
Fosun Pharmaceutical Group Co, a subsidiary of the conglomerate, said its 2014 net profit was up 33.5 percent year on year at 2.1 billion yuan on Wednesday.
Yan Yongzheng, an analyst at Capital Securities Co, predicted Fosun’s profit in pharmaceutical sector will continue to grow 32.4 percent in 2015 and another 22.3 percent in 2016,due to the company's international layout on a complete industry chain.
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