Apple sets lift Hon Hai Q4 income
Source: Bloomberg News |
March 28, 2012, Wednesday
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Print Edition
Print Edition
HON Hai Precision Industry Co, the world's largest contract manufacturer of electronics, yesterday posted record quarterly profit as sales of Apple Inc's iPhones and iPads climbed and costs for relocating factories dropped.
Fourth-quarter net income climbed 64 percent to NT$35 billion (US$1.18 billion) from NT$21.4 billion a year earlier, according to an e-mailed statement from the Taipei-based company. The profit beat each of the nine analysts' estimates compiled by Bloomberg News, and the average NT$26.6 billion.
Hon Hai, flagship of the Foxconn Technology Group, benefited from better-than-expected sales of Apple's handheld devices while costs for relocating manufacturing to inland China decline as construction is completed. A new iPad, rising sales of iPhones and a rebound in the computer market could be offset by higher costs this year as the firm continues to boost wages amid labor inspections.
"Apple was a strength with the release of the new iPhone while relocation expenses have already peaked and are now declining," said Hong Kong-based Gokul Hariharan of JPMorgan Chase & Co.
Fourth-quarter net income climbed 64 percent to NT$35 billion (US$1.18 billion) from NT$21.4 billion a year earlier, according to an e-mailed statement from the Taipei-based company. The profit beat each of the nine analysts' estimates compiled by Bloomberg News, and the average NT$26.6 billion.
Hon Hai, flagship of the Foxconn Technology Group, benefited from better-than-expected sales of Apple's handheld devices while costs for relocating manufacturing to inland China decline as construction is completed. A new iPad, rising sales of iPhones and a rebound in the computer market could be offset by higher costs this year as the firm continues to boost wages amid labor inspections.
"Apple was a strength with the release of the new iPhone while relocation expenses have already peaked and are now declining," said Hong Kong-based Gokul Hariharan of JPMorgan Chase & Co.
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