August 13, 2014 / 10:36 AM / in 3 years

Taiwan's Hon Hai Q2 net profit rises 18.9 pct, beats estimates

TAIPEI, Aug 13 (Reuters) - Hon Hai Precision Industry Co Ltd on Wednesday beat analyst estimates with a 18.9 percent profit rise for the second quarter, when the world’s No.1 contract electronics manufacturer announced big acquisitions to reduce dependence on client Apple Inc.

The Taiwanese company in a statement said April-June net profit reached T$20.19 billion ($672.89 million), versus the T$17.66 billion mean estimate of 13 analysts polled by Reuters.

The result compared with the T$19.54 billion of January-March and T$16.98 billion of the second quarter of last year.

During the reporting quarter, the main assembler of Apple’s popular iPhone and iPad devices said it would spend almost $400 million dollars each on stakes in Asia Pacific Telecom Co Ltd and South Korean IT services provider SK C&C Co Ltd .

Shares of Hon Hai closed up 1.4 percent before the earnings release, versus a 0.7 percent rise in the benchmark TAIEX index . (1 US dollar = 30.0050 Taiwan dollar) (Reporting by Michael Gold; Editing by Christopher Cushing)

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