TechHive: Foxconn's Hon Hai net profit up 41 percent in Q2

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thumbnail Foxconn's Hon Hai net profit up 41 percent in Q2
Aug 13th 2013, 12:50, by Michael Kan, IDG News Service

Foxconn's Hon Hai Precision Industry reported a strong gain in net profit during the second quarter, but revenue growth for the Apple supplier continued to remain weak.

Hon Hai's net profit in the quarter reached NT$16.9 billion (US$564 million), up 40.8 percent from NT$12 billion in the same period a year ago, the company reported on Tuesday.

Revenue, however, increased year-over-year by only 0.4 percent, putting it at NT$895.6 billion.

Hon Hai is the main manufacturing arm for Taiwan-based Foxconn Technology Group and builds products for major tech vendors including Amazon, Microsoft and Nintendo. Apple, however, is the company's most important customer and makes up about 40 percent of Hon Hai's revenue, according to analysts.

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