Health care and finance lift Fosun鈥檚 net
Print Edition
SHANGHAI-BASED Fosun International Ltd’s net profit surged over 24 percent in 2014, driven by rapidly growing health care and financial services businesses.
China’s largest non-state investment conglomerate said annual profit jumped 24.2 percent to 6.86 billion yuan (US$1.1 billion) from a year earlier. Revenue gained 21 percent to 61.7 billion yuan.
Fosun’s insurance business was a major contributor to revenue last year, replacing the asset-management business.
“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 leading local insurance firms and expand insurance assets in coming years.
Fosun’s property development business, however, remained the biggest profit generator, bringing in 2.5 billion yuan last year, up 20 percent.
Fosun is planning a US$2 billion takeover bid for commercial real estate brokerage Cushman & Wakefield Inc, which would take several months to complete, Bloomberg News said last week.
The Hong Kong-listed company said its financial services, health care and lifestyle business made up 34 percent of its revenue, up 95 percent from 2013.
Fosun Pharmaceutical Group Co, a subsidiary, said its 2014 net profit spiked 33.5 percent year on year to 2.1 billion yuan.
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