-
ALSO READ
Japan's Sharp posts fifth straight quarterly profit as TVs fare well Foxconn to use proceeds from unit's Shanghai IPO to fund $4 billion projects Apple supplier Wistron secures land to build new site in Karnataka: sources HP leads global notebook market, Apple fourth Apple, suppliers drop on report of weak iPhone X demand -
TAIPEI (Reuters) - Taiwan's Foxconn, the world's largest contract electronics maker and a key Apple Inc supplier, reported on Friday 4.2 percent growth in fourth quarter net profit from a year ago, defying expectations for a decline.
Net profit in the final three months of 2017 reached T$71.66 billion ($2.46 billion), up from T$68.77 billion in the fourth quarter of 2016, according to a Reuters calculation based on the full year 2017 results of Foxconn, known formally as Hon Hai Precision Industry Co.
It was well ahead of the T$60.75 billion forecast by eight analysts polled by Thomson Reuters SmartEstimates.
For 2017 as a whole, Foxconn's net profit totalled T$138.7 billion, down 6.7 percent from 2016, the company said in a filing to the Taiwan Stock Exchange.
($1 = 29.1030 Taiwan dollars)
(Reporting by Twinnie Siu and Meg Shen; Editing by Jacqueline Wong and Peter Graff)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU