March 30, 2018 / 1:42 PM / 7 months ago

Foxconn fourth-quarter net profit estimated T$71.66 billion, up 4 percent from year ago

TAIPEI (Reuters) - Taiwan’s Foxconn (2317.TW), the world’s largest contract electronics maker and a key Apple Inc APPL.O supplier, reported on Friday 4.2 percent growth in fourth quarter net profit from a year ago, defying expectations for a decline.

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu

Net profit in the final three months of 2017 reached T$71.66 billion ($2.46 billion), up from T$68.77 billion in the fourth quarter of 2016, according to a Reuters calculation based on the full year 2017 results of Foxconn, known formally as Hon Hai Precision Industry Co.

It was well ahead of the T$60.75 billion forecast by eight analysts polled by Thomson Reuters SmartEstimates.

For 2017 as a whole, Foxconn’s net profit totaled T$138.7 billion, down 6.7 percent from 2016, the company said in a filing to the Taiwan Stock Exchange.

($1 = 29.1030 Taiwan dollars)

Reporting by Twinnie Siu and Meg Shen; Editing by Jacqueline Wong and Peter Graff

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