Hon Hai Q1 Net profit of $549 million rose 10%

Hon Hai's first quarter net profit rose 10% (Tencent technology map), Tencent Technology News (Yue Tong) Beijing time, May 15, according to foreign media reports, Hon Hai released its first quarterly report in 2013 in Tuesday. The results showed that in the first quarter of this year, Hon Hai's net profit fell short of analysts ' expectations in the first quarter of this year as demand for products such as Apple's iphone and ipad slowed. Hon Hai's first-quarter revenues fell 19% per cent to 809 billion NT dollars, below analysts ' estimated $895 billion trillion, or $1 trillion in the same period last year. According to industry analysts, Hon Hai's second-quarter revenue will fall by 5.5% to NT $843 billion year-on-year, as it waits to launch a new product. While Hon Hai's first-quarter net profit rose 10% from NT $14.9 billion a year earlier, to 16.4 billion NT dollars (about $549 million), it was still below the average estimated NT $11 by 19 billion analysts surveyed by Bloomberg. Hon Hai's first-quarter operating profit reached a new 13.9 billion per 21.5 billion, not as estimated by analysts. Declining orders for Apple products and slowing growth in the global computer market are the main causes of the decline in Hon Hai's revenues. "The decline in shipments of Apple products, particularly the iphone, has led to a decline in Hon Hai's revenues and, in turn, to the profits of Hon Hai," said Alberto Moel, analyst at Sanford Bernstein, a market-analysis firm. Hon Hai's non-product business has also been hit by a slide in the PC market and weak markets such as consumer electronics, such as gaming consoles and digital cameras. "Albert still maintains the Hon Hai stock rating in the" outperform "level. Hon Hai's shares fell 0.5% per cent in the regular trading of the Taipei stock market in Tuesday, at 79.2 NT dollars. Hon Hai's share price has fallen by 11% this year, while Taiwan's weighted stock index has risen 7.2% per cent over the same period.