Hong Kong's Li & Fung Ltd , supplier of goods like clothing and toys to retailers such as Wal-Mart Stores Inc and Kohl's Corp, said first-half net profit rose 16 percent as it shrugged off weak U.S. retail trading.

The company, which sought a separate share listing for its own Global Brands Group retail business last month, said net profit grew to $111 million for the January-June period, up from $96 million in the same period a year earlier. Li & Fung's results for the first half of this year did not include Global Brands operations.

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Its core operating profit fell 9 percent to $227 million. That was slightly lower than an average forecast of $232 million by three analysts polled by Reuters.