Hon Hai Precision Industry Co (鴻海精密), the nation's biggest maker of computer parts, posted a greater-than-expected 29 percent increase in first-quarter profit as higher sales countered falling prices.
Net income rose to NT$3.9 billion (US$112 million), beating the average NT$3.1 billion estimate of four analysts surveyed by Bloomberg News. Sales rose 37 percent to NT$43 billion, the company said in a statement.
Hon Hai also announced a dividend of NT$3 a share for last year, to be paid half in cash and half in stock through the issue of 296 million new shares. The issue of shares, some of which will also be paid as staff bonuses, will save NT$2.96 billion in cash that the company said it will use to expand production.
The dividend represents two-fifths of annual earnings, which rose 27 percent last year to NT$13.1 billion, Hon Hai also said.
Hon Hai, the nation's largest publicly traded manufacturer by revenue, countered falling prices in the first quarter by boosting sales of electronics parts to customers such as Compaq Computer Corp, Nokia Oyj and Sony Corp. Still, its operating profit margin narrowed to 5.6 percent from 7.8 percent.
Hon Hai's earnings were also helped by the fact it has based more than half its production in China to cut costs.
Meanwhile, Siliconware Precision Industries Co (矽品精密), the world's third-largest chip assembler, reported first-quarter profit fell 60 percent as falling demand prompted the firm to cut prices.
The company posted a profit of NT$155.7 million ($4.5 million) compared with NT$384.6 million a year ago. Sales rose 15 percent to NT$5.3 billion.
Siliconware forecasts it will return to a full-year profit of NT$1.1 billion in 2002 as demand revives, boosting capacity and prices.
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