Hon Hai Precision Industry’s profit plunged by the most on record after the coronavirus disrupted its China production and walloped global smartphone demand.
Apple’s most important manufacturing partner recorded an 89% decline in net income to NT$2.1-billion (US$70-million) in the first three months of 2020.
Production at many of Apple’s Asian partners ground to a halt after efforts to curb the spread of Covid-19 kicked in
On Friday, Hon Hai, known also as Foxconn, said it incurred costs related to the pandemic of NT$10-billion, though some of that will be compensated by the Chinese government.
But the company, which gets half its sales making iPhones and devices for Apple, warned smartphone demand remained uncertain.
Production at many of Apple’s Asian partners ground to a halt after efforts to curb the spread of Covid-19 kicked in.
