Shares in Taiwan's Hon Hai rise after record profit

March 26, 2013

Shares in Taiwan's Hon Hai Precision, better known as Foxconn, closed 1.33 percent higher Tuesday at Tw$83.5 ($2.80) after the tech giant reported a record net profit last year.

Investors were reacting to the firm's announcement late Monday that surged 16.14 percent to Tw$94.76 billion ($3.18 billion) in 2012. Revenue rose 13.11 percent year-on-year to Tw$3.9 trillion.

In the three months to December, net profit rose 22 percent year-on-year to Tw$36.97 billion while sales jumped 30 percent to Tw$1.14 trillion.

The conglomerate is the world's largest computer component manufacturer and assembles products for Apple—including the —as well as Sony and Nokia.

It employs about one million workers in China, roughly half of them based at its main facility in .

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