TAIWAN - Hon Hai Precision Industry Co. earned net income of $525 million for the first quarter of the year, down 39.4% from a quarter earlier, although up 2.85% from the same period of last year.

The company had revenue of $10 billion last quarter, down 27.1% from the previous quarter but ahead 22.25% over the same period last year.

Hon Hai representatives said that the lower earnings were a result of typical first quarter market slowdown and a sluggish global economy, but that results for the first quarter were basically in line with expectations.

Industry reports speculate that the company will begin rebounding this quarter, on anticipated orders from Apple, IBM a nd HP.

The company also reportedly earned $1.5 million from currency exchange in Q1.