By Lorraine Luk
HONG KONG-- Hon Hai Precision Industry Co., the world's largest
manufacturer of electronics, said its 2014 net profit rose 22% from
a year earlier, thanks to strong sales of larger-screen Apple Inc.
iPhones.
The company said its 2014 net profit rose to 130.5 billion new
Taiwan dollars ($4.17 billion) from about 106.7 billion new Taiwan
dollars a year earlier. Revenue rose 6.5% to 4.21 trillion new
Taiwan dollars.
The company also said it plans to issue up to 18 billion new
Taiwan dollars worth of corporate bonds to repay short-term
debt.
Hon Hai's earnings were underpinned by demand from Apple, which
sold 74.5 million iPhones in its fiscal first quarter, up 46% from
a year earlier.
Nearly half of Hon Hai's revenue comes from Apple. The
Taiwan-based manufacturer has been seeking new sources of growth as
competition for Apple's orders has intensified and wages in China
increase.
Write to Lorraine Luk at lorraine.luk@wsj.com
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