Foxconn's parent reports 43% profit jump
updated 04:55 pm EDT, Thu August 31, 2006
Profits jump for Hon Hai
Hon Hai Precision Industry, the parent company of Apple's iPod manufacturing partner Foxconn, achieved a 43 percent gain in second quarter profit on demand for music players and mobile phones. Bloomberg says that new income climbed to NT$12.8 billion ($388 million) from NT$8.9 billion a year earlier. (According to the report, the earnings were derived by by subtracting first-quarter earnings from six-month figures released by the company today; however, the company could not firm the numbers.) In addition to manufacturing iods, the company is presently vying for Apple's laptop business and also boosted earnings by supplying parts for Motorola Inc.'s Razr phone and Sony Corp.'s PlayStation consoles. In the first six months, net income climbed 40 percent to NT$22.8 billion from a year earlier. Sales expanded 30 percent to NT$359.5 billion, according to the report. Hon Hai's subsidiary Foxconn today reduced the amount of damages it was seeking from two journalists in connection with a lawsuit over a story about iPod factory working conditions.
seems to m e
08/31, 05:24pm reply
Seems to me with profits like that they can afford to put their employees up in luxury accommodations and pay them six figure salaries.
porieux
Baninated
Joined: Mar 2001
Doubt that
08/31, 05:53pm reply
With over 200,000 employees I don't think that's likely.
macmiser
Fresh-Faced Recruit
Joined: Aug 2006
hah
08/31, 10:38pm reply
200,000 employees could be payed $100,000 per year and there still would be plenty of profit left.
porieux
Baninated
Joined: Mar 2001
slave labor
08/31, 11:55pm reply
Yeah, how much nicer would these profits be if we knew they also treated their employees with a minimum of respect.
People worry about oppression and Communism when it's happening in Cuba, but in China where it's all about the big bucks, nobody gives a damn.
How about a Helms-Burton Act for China?
Simon
Posting Junkie
Joined: Nov 2000