Taiwan's Hon Hai Q1 profit rises 19.5 pct, beats estimates
TAIPEI May 14 (Reuters) - Hon Hai Precision Industry Co Ltd , the world's largest contract manufacturer of electronic goods, beat analyst estimates by booking a 19.5 percent rise in first-quarter profit thanks to exceptional demand from main client Apple Inc.
Net profit reached T$19.54 billion ($647.64 million) in January-March, the Taiwanese company said in a statement on Wednesday, versus the T$18.18 billion mean estimate of 12 analysts polled by Thomson Reuters.
The result compared with the T$16.35 billion in the same period a year earlier, and T$42.61 billion in the fourth quarter when sales of electronic goods typically peak.
Shares of Hon Hai ended 0.34 percent higher ahead of the result versus a 0.65 percent gain in the broader TAIEX index . ($1 = 30.1710 Taiwan Dollars) (Reporting by Michael Gold, editing by William Hardy)
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