Sat, Dec 10, 2011 - Page 12 News List

Hon Hai’s revenues hit a record high

By Lisa Wang  /  Staff Reporter

Hon Hai Precision Industry Co (鴻海精密), which supplies iPhones and iPads to Apple Inc, yesterday said unconsolidated revenues reached a record-high NT$307.2 billion (US$10.2 billion) last month, up 4 percent from the previous month.

Last month’s figures were 32.54 percent higher than in the same period last year, Hon Hai said in a statement.

In the first 11 months of the year, unconsolidated revenues -totaled NT$2.46 trillion, up 18.75 percent year-on-year, company data showed.

“The robust revenue momentum suggests that Apple and Hon Hai together have fully addressed the component shortage due to the Thai floods,” Citigroup analyst Kevin Chang (張凱偉) said in a report yesterday.

Hon Hai shipped about 14 million iPhones last month, up from about 12 million units in October, Chang said in the report.

For this quarter, Hon Hai is -expected to ship 37 million iPhones, he said.

Shipments of iPad tablets also improved last month from October, Chang said. He did not provide a detailed forecast. Chang also expected Hon Hai to start manufacturing Apple’s new iPad 3 next month.

This quarter, Hon Hai is expected to grow 27 percent quarter-on-quarter from NT$665.66 billion in the third quarter, Chang said. He did not provide detailed figures.

Chang rated Hong Hai “buy” with a target price of NT$117.

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