Hon Hai Precision Industry Co., the parent company of Foxconn, has reported a larger-than-expected profit since Apple paid more for the manufacturing of the iPhone. Hon Hai reported third quarter net income of 58% to NT$30.3 billion ($1 billion) according to estimates from Bloomberg based on nine-month results filed to the Taiwan Stock Exchange yesterday evening. Analysts were expecting profit of NT$23.4 billion.
Hon Hai benefited from a reversal of losses based on a planned investment in Sharp Corporation. They also improved the efficiency at new plans. Since Apple increased their payments, it helped the company deal with the labor unrest and product shortages.