Hon Hai Q4 profit bests analyst estimates

Hon Hai Precision Industry (2317.TPE), the manufacturer of iPhones and iPads for Apple (AAPL.NASDAQ), reported quarterly profit that beat analyst expectations, Bloomberg reported. Hon Hai, the flagship of Foxconn Technology Group, saw fourth-quarter net income rise 5.6% to US$1.2 billion as it boosted efficiency and output, while revenue rose 6% to US$38.2 billion. Apple reported gross margins of 38.6% for the quarter, as it absorbed more of Hon Hai’s rising costs for components and assembly. The state-run people’s daily criticized Apple on Monday, the latest in a series of negative reports that may aim to curb the company’s domination of China’s smartphone market.