Foxconn profits plummet 31%

Chinese manufacturing giant Foxconn Technology, aka Hon Hai Precision Industry Co, has suffered a dramatic fall in profits.

The factory giant is still very profitable, according to figures out today, with net income of 17.7 billion New Taiwan dollars ($566m) in the second quarter of 2016. But that's down 31 per cent from the same time last year.

The company has been hit by the slowdown in sales of the iPhone and other consumer electronics, as well as the costs involved in replacing parts of its workforce with robotic equivalents.

One piece of good news in the results is that Foxconn's takeover of Sharp has been given the green light by Chinese regulators. ®