Fosun International Profit Plunges 95% in 2022

What’s new: Fosun International Ltd. reported a 95% plunge in 2022 profit as repeated Covid-19 outbreaks hurt its business and global capital market turmoil widen its investment losses.

The conglomerate reported a net profit of 540 million yuan ($78.2 million) in 2022, down 94.7% from 2021, thought its revenue increased 8.74% to 175.4 billion yuan.

A loss of 3.5 billion yuan in its insurance and asset management segments dragged down the company’s profit, Fosun said. The red ink mainly reflected falling values of investments held by its insurance and asset management units, the company said.