Foxconn Full-Year Profits Down 68%

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Contract mobile phone handset manufacturer Foxconn International Holdings has reported a 68% drop in its full year 2009 profits largely due to foreign exchange troubles write downs and price pressures.

The company recorded a net income of USD38.6 million compared to US$121.1 million in 2008. The result was lower than the average USD82.2 million forecast of 12 analysts polled by Thomson Reuters.

Revenues were also down by 22% to USD7.2 billion.

"In 2010, while the overall economic and consumer confidence seem to improve from the trough, Greece and the rest of Europe still could bring more uncertainties and macro risks to the global economy," Foxconn said in a statement.

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