Hon Hai Precision Industry : Foxconn Third-Quarter Net Profit Edged Higher on Improved Margin

By Kosaku Narioka

Foxconn Technology Group said its third-quarter net profit edged higher from a year earlier, thanks partly to better profit margin.

The Taiwanese electronics maker, formally known as Hon Hai Precision Industry Co., said Thursday that net profit for the quarter ended Sept. 30 rose to 30.855 billion new Taiwan dollars (US$1.08 billion) from NT$30.66 billion a year earlier. That beat the estimate of NT$28.83 billion from a FactSet poll of analysts.

Foxconn said operating profit margin improved to 2.51% in the third quarter, compared with 2.41% a year earlier.

Third-quarter revenue decreased 6.9% from a year earlier to NT$1.292 trillion.

Foxconn said consumer electronics and cloud products businesses are likely to be better next year than this year, while its computing products business is likely to be worse next year.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

11-12-20 0310ET