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.
