Hon Hai Q3 profit beats forecasts; higher margins
TAIPEI Nov 13 (Reuters) - Taiwan's Hon Hai Precision Industry Co Ltd posted a better-than-expected net profit in the third quarter amid efforts to move away from the lower-value electronics contract manufacturing business.
Hon Hai said in a statement on Wednesday net profit in July-September was T$30.75 billion ($1.04 billion), higher than a median forecast of T$25.99 billion by 13 analysts polled by Thomson Reuters I/B/E/S.
The figure compared with a net profit of T$16.98 billion in the previous quarter and T$30.26 billion a year earlier.
Operating profit margin improved by 1.36 percentage points from the previous quarter to 3.46 percent. The margin in the same year earlier period was 3.4 percent.
The Taiwanese company, better known by its trading name Foxconn, is building an integrated service package ranging from electronic devices to apps to cloud computing as it strives to become more consumer-driven. ($1 = 29.5755 Taiwan dollars) (Reporting by Clare Jim; Editing by Ryan Woo)