Hon Hai announces first fall in annual sales since 1991

Focus Taiwan
Date: 2017/01/10
By: Jalen Chung and Frances Huang

Taipei, Jan. 10 (CNA) Hon Hai Precision Industry Co. (鴻海), the world’s largest contract electronics maker, announced that consolidated sales for 2016 fell from a year earlier, the first time the iPhone assembler has suffered a year-on-year fall in revenue since it was listed on Taiwan’s main board in 1991.

Market analysts said that the fall in sales reflected lower than expected shipments of the iPhone 7 model, the latest Apple Inc. smartphone, which went on sale globally in September 2016.

Last year, Hon Hai posted NT$4.36 trillion (US$136 billion) in consolidated sales, down 2.81 percent from 2015, when revenue hit a record high of NT$4.48 trillion, the company’s data showed.

The sales data was released after the local stock market closed on Tuesday. Ahead of the data, shares in Hon Hai rose 0.60 percent to close at NT$84.00 on the Taiwan Stock Exchange, where the weighted index edged up 0.08 percent to end the day at 9,349.64 points.    [FULL  STORY]

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