24 April 2008
Foxconn International Holdings (FIH), the Hong Kong-listed handset subsidiary of Foxconn Electronics (Hon Hai Precision Industry), saw its net profits grow only 1% to US$725 million in 2007, according to the company.
Net EPS (earnings per share) were US$0.1027 in 2007, compared to US$0.1031 in 2006, the data show.
FIH cited intensified competition in the global OEM market and volatile market demand for the relatively weak growth last year. However, market sources in Taiwan indicated that both FIH's revenues and earnings were affected by a decline in sales at Motorola.
FIH said that it divested its operations in Michigan in 2007 to better realign its global resources. Market sources pointed out that the company's business unit in Michigan was set up to cope with the needs of Motorola.
For 2008, FIH will continue to expand its capacity in Langfang and Taiyuan in China as well as in India, the company said.
