Taipei: Hon Hai Precision Industry, the main manufacturer of Apple products, posted a 19 per cent decline in sales in the first quarter compared with a year earlier, hurt by disappointing demand for the iPhone.
From January to March, Hon Hai's sales totaled T$808.97 billion ($26.96 billion), down from T$988.34 billion in the fourth quarter and T$1 trillion in the first quarter last year.
"A quarterly decline was expected, but not a yearly decline," said KGI Securities analyst Ming-chi Kuo. "This shows that Hon Hai's revenue depends too much on Apple, and iPhone orders corrected more than expected."
Kao expected the Taiwanese contract manufacturer to post flat sales in the second quarter compared with the first, adding that its net profit is also likely to come under pressure in the first half of this year....more
12:44 PM, Apr 11, 2013