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Electronics Production | March 26, 2007

Hon Hai increase sales by 42%

Hon Hai Precision (the mother company of EMS-provider Foxconn Electronics) reported an increase of 42 percent in sales to US$2.17 billion last month.
Accordingt to Taipei Times, Hon Hai reported an increase of 42 percent in sales to US$2.17 billion last month. Increased orders from companies such as Apple, Sony, Nintendo, Lenovo Group, Nokia Oyj and Sony Ericsson Mobile Communications will contribute to Hon Hai's sales growth this year.

Hon Hai said it would pay about US$20 million to the US government to resolve tax disputes on overseas employee stock bonuses. The tax disputes stemmed from Hon Hai's US subsidiary E-Star Inc during the period between 1998 and 2002. Hon Hai had allocated funds from the previous fiscal year to cover the payment, without elaborating.

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