Hon Hai 1H net edges up 0.5%; Apple products fuel revenue growth

“Hon Hai Precision Industry Co. said Friday its first-half net profit edged up 0.5% as revenue growth driven by strong demand for Apple products was largely offset by an accounting loss on its investment in Sharp Corp.,” Lorraine Luk reports for Dow Jones Newswires.

“Hon Hai Precision Industry Co., which assembles Apple Inc.’s iPad and iPhone, said its net profit for the three months ended June 30 rose to 27.53 billion New Taiwan dollars (US$918 million) from NT$27.38 billion a year earlier,” Luk reports. “The statement from the world’s largest contract electronics maker by revenue didn’t give a figure for the accounting loss on its investment in Sharp, which was due to the Japanese company’s recent share price decline.”

Luk reports, “Hon Hai’s first-half revenue rose 25% to NT$1.89 trillion from NT$1.52 trillion, it said, due to strong sales of Apple’s iPhone and iPad… While Hon Hai hasn’t disclosed what percentage of its revenue comes from Apple, analysts have estimated that Apple orders account for about 40% of Hon Hai’s revenue.”

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