Electronics Production | March 06, 2009
Foxconn net income dropped by 29%
2008 was a year marked by financial tsunami, sudden global consumption freeze and loss of individual wealth every where. This Wall Street originated shock wave not only caused a worldwide consumer confidence fall out, global industry titans crumble, but also created a world of uncertainty and economic contraction.
The Company is pleased to report continued market share gain, especially from system integration business, due to the ever apparent synergistic benefits to strategic partner customers from our renowned eCMMS model and the competitive advantages from the ever comprehensive globalize platform. Comparing the twelve months of 2008 with the same period in 2007, net sales, defying the myth of law of large number, surged by 19.2% to NT$ 1.47 trillion; however Net income dropped by 29% to NT$ 55.1 billion. Looking forward, Company will continue to take a conservative stand and make decisive actions in cost optimization. Company is committed to expand competitive advantage over the industry in terms of efficiency optimization and technical capabilities. At the same time, on top of seeking to broaden its service offering by further expanding its design and software capabilities, Company also expands its unique “Share the Platform” Muster and Alliance program; calling out to ever expanding groups of worldwide peers who embrace the grand vision of making the world a better place for all mankind. "Due to the general lacking of mid to long term visibility and the gloomy outlook from the Western economies front, we believe it is only prudent to be extra watchful for any type of spending,” said Edmund C.A. Ding, Spokesperson. “At the same time, at this once-in-a-century opportunity, as the most trusted partner in contract manufacturing industry, it is our duty to put our resources and capability to assist our strategic partner customers optimize their competitiveness to the fullest” Liquidity and Capital Resources During 2008, Hon Hai’s end of period cash and cash equivalents amount to NT$ 17.1 billion versus NT$ 7.0 billion of same period in 2007. The current period cash consist of inflow of operating and financing activities of NT$ 60.2 billion and NT$ 29.2 billion respectively, and outflow of investing activities of NT$ 21.1 billion. In comparison, 2007 end of period cash of inflow of operating and financing activities of NT$ 7.6 billion and NT$ 19.2 billion respectively, and outflow of investing activities of NT$ 21.0 billion.
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