Hon Hai reports record unconsolidated revenue in November

By Helen Ku and Kevin Chen  /  Staff reporters

Tue, Dec 11, 2012 - Page 13

Hon Hai Precision Industry Co (鴻海), which assembles Apple Inc’s iPads and iPhones, yesterday reported that its unconsolidated revenue last month rose 27.57 percent from a month ago to its highest-ever level.

Revenue was NT$351.73 billion (US$12.07 billion), compared with NT$275.7 billion in October, the company said in a statement. Compared with NT$307.2 billion in November last year, sales were up 14.5 percent, Hon Hai said.

For the first 11 months unconsolidated revenues were NT$2.86 trillion, up 16.38 percent year-on-year, making it the nation’s largest listed firm in terms of sales.

After Apple announced last week that it plans to launch the iPhone 5 in China on Friday, analysts said it indicated production bottlenecks for the iPhone 5 have eased and they forecast Hon Hai could see revenue expand by 20 to 30 percent this quarter from last quarter.

Based on Fubon Securities Co’s (富邦證券) industry checks, Hon Hai has increased daily production of the iPhone 5 from 430,000 units in October to 510,000 units last month. Output is expected to reach 600,000 units this month.

Overall, iPhone 5 shipments are forecast to hit around 45.6 million to 46 million units this quarter, Fubon analyst Arthur Liao (廖顯毅) said yesterday, adding that Hon Hai’s revenue would reach NT$1.13 trillion this quarter, with earning per share of NT$2.86.

Shares of Hon Hai rose 0.63 percent to NT$96.1 yesterday ahead of the release of its latest sales results. Fubon maintained its “add” rating on the stock, with a target price of NT$110.

Separately, Delta Electronics Inc (台達電), the world’s top manufacturer of switching power supplies, yesterday said consolidated revenue grew 1.95 percent to NT$14.67 billion last month from October, with sales of power and components at NT$1.43 billion and sales of power management at NT$697.17 million.

On an annual basis, last month’s result was a 1.9 percent decrease compared to NT$14.96 billion a year ago, the company said in a filing to Taiwan Stock Market.

In the first 11 months, accumulated revenue reached NT$162.57 billion, up 2.49 percent year-on-year.

Delta’s shares closed 1.4 percent lower yesterday at NT$106, underperforming the TAIEX, which fell 0.43 percent.