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Electronics Production | August 29, 2008

Foxconn net earnings decreased by 56% in H1/08

Foxconn has reported an – after-tax – profit decline of 56% Y-o-Y in H1/08 to US$142 million.
The company had earlier issued a profit warning and earnings were still lower than market expectations, reports DigiTimes. FIH also reported that its gross margin dropped to 6.6% during the review-period. In H1/07 the gross margin reported was 9.5%.

The decrease was mainly caused by increasing costs for raw material cost inflation, environmental regulations as well as rising labour costs in China, the report goes on. Despite declining orders and the sharp decline in net earnings, revenues grew 4.34% Y-o-Y to US$4.79 billion in H1/08.

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