Foxconn International swings to 2011 net profit

“Foxconn International Holdings Ltd, the world’s biggest contract manufacturer of cellphones, swung to a net profit in 2011 as key clients such as Nokia Oyj and Huawei Technologies Co Ltd HWT.UL shifted to higher-end smartphones,” Lee Chyen Yee reports for Reuters.

“Foxconn International, whose Taiwanese parent Foxconn Technology Group assembles Apple Inc’s (AAPL.O) iPads and iPhones, is expected to benefit as its top customers shift away from low-end feature phones,” Yee reports. “The company, which assembles handsets for Motorola Mobility Holdings Inc (MMI.N) and Sony Corp (6758.T), on Thursday posted a net profit of $72.84 million, ahead of the consensus of analysts’ forecasts of $27.59 million according to Thomson Reuters I/B/E/S.”

Yee reports, “Foxconn International had a total of 98,868 employees at the end of 2011, down about 22 percent from 126,687 a year ago.”

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