TAIPEI – Hon Hai Precision Industry (the trade name of Foxconn) reported net profit of $540 million for its third quarter, down 10% year-over-year, but beating market expectations.
 
Forecasts earlier predicted profits of $507 million for the quarter.
 
The world's largest vertically integrated EMS/ODM that's footprint includes PCB Fab manufacturing locations in China did not cite reasons for the decline in earnings.

In July 2008 Foxconn began moving factories from the Shenzhen area to the northern Chinese provinces of Hebei and Shanxi, where lower salaries (60% less than Shenzhen) were expected to help improve company profit.

“Hari is a long standing and well respected member of our management team who has a clear understanding of the industry and the company's strategy, goals and objectives. He is a results oriented leader with a proven track record of consistently delivering positive results. His broad experience in all facets of the business makes him a natural successor to the president and COO role,” stated Jure Sola.