Hon Hai defies Street by predicting profit growth

Chairman Terry Guo of Hon Hai Precision Industry (2317.TPE), an arm of the consumer electronics giant often called Foxconn, has promised that his company will post profit growth despite analysts predicting a drop in net earnings, Bloomberg reported. Hon Hai is the primary manufacturer of Apple (AAPL.NASDAQ) products, such as the iPhone and iPad. As sales of those products slow, Hon Hai’s profits will fall to US$3.1 billion this year, a slight decrease from 2012, according to an average of 23 analyst predictions by Bloomberg. However, Gou said at the company’s annual meeting Wednesday that the company will stick to its 15% growth target for the year.