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Foxconn International Posts Deeper Loss on Low Handset Orders from Nokia
Published on:
Taiwanese handset assembly firm, Foxconn International Holdings (FIH) has dropped into a half-year financial loss of US$226 million, which it put down to poor volumes from key clients, including Nokia.
Turnover also fell by 16.37% to US$2.5 billion from just under US$3 billion a year ago.
In its statement, the company said that although it spent major efforts in soliciting new customers' businesses and streamlining operations, it was clear that total capacity was still over the demand level.
As a result, the company has consolidated its operations in Shenzhen to cheaper northern factories in China. As at 30 June 2012, the Group had a total of 75,487 employees, down sharply on the 98,868 employees a year ago.
The management team remains cautious over the future handset market conditions in 2012.
FIH is a subsidiary of the larger Foxconn Technology Group, which assembles Apple products. FIH doesn't carry out any work for Apple itself.
Tags: [foxconn international holdings] [Taiwan]
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