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July 24, 2017

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Shares of Hon Hai Precision down on H1 Foxconn loss of US$226 mil.

Foxconn International Holdings (FIH), part of the Hon Hai Precision Industry group, reported a loss of US$226 million for the first half, resulting in a sharp decline of Hon Hai-related shares yesterday.

The figures were worse than expected, forcing analysts to give a more pessimistic outlook for Hon Hai, which is set to give its first half results Thursday.

Hon Hai yesterday closed at NT$84.2, down 3.77 percent, while Foxconn Technology closed down 2.62 percent to NT$111.5.

According to foreign investors, Hon Hai may post second quarter earnings per share of NT$0.25 to NT$0.35, with gross profit margin expected to drop another 0.3 percent to 0.4 percent, a new historic low.

Yet there was light at the end of the tunnel, analysts said. With an expected narrowing of losses posted by FIH and Chimei Innolux in the third quarter, coupled with the launch of the iPhone 5, Hon Hai gross profit margin may return to 2.5 percent in the current quarter, pushing earnings per share to NT$2 for the July-September period.

FIH had first half sales of US$2.504 billion, a decline of 16.37 percent year-on-year.

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