FIH Mobile net loss narrows 90 pc

Business | Kevin Xu 14 Nov 2019

FIH Mobile (2038) a subsidiary of Hon Hai Precision, also known as the world's largest electronics maker Foxconn, saw net loss for this year's first three quarters narrow 89 percent year-on-year to US$63.81 million (HK$497.72 million).

Revenue in the first three quarters increased by 4.3 percent year-on-year to US$10.8 billion.

Total comprehensive expense for the period decreased 81 percent year-on-year to US$136 million.

In the third quarter, profit for the period from continuing operations amounted to US$20.03 million, compared to a loss for the period from continuing operations of US$226.69 million from a year ago. Revenue and other operating revenue in the third quarter increased 16 percent year-on-year to US$4.15 billion.

The Foxconn subsidiary warned at the end of October that it may record a net loss of US$65 million in the first three quarters, and said the full-year net loss this year is likely to be smaller than the US$857 million loss of last year. Shares of FIH dipped 0.91 percent to HK$1.09 yesterday.

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