UPDATE 1-Li & Fung H1 net profit climbs 16 pct on accounting gain; core earnings slip 9 pct

HONG KONG, Aug 21 (Reuters) - Hong Kong's Li & Fung Ltd , which grew to prominence making clothing and toys in Asia for Western retailers, said its first-half profit climbed 16 percent as a one-off accounting gain more than offset weak sales in overseas markets.