Taiwan's Hon Hai Precision Industry reported its revenue soared 61 percent in the first half of the year, cementing its position as the world's largest contract electronics manufacturer.
The company, which manufactures products ranging from Nokia mobile phones to Sony's PlayStation game consoles as well as computers and other electronic gadgets, beat out Singapore-based Flextronics late last year for the title, analysts said Tuesday.
"Hon Hai became number one last year and we expect double digit growth from the company over the next three years," said Alex Kao, a vice president at Masterlink Securities in Taipei. Hon Hai has invested in projects including electronics for autos, LCD (liquid crystal display) televisions and other products that should ensure strong growth, he said.
The Taiwanese contract manufacturer said its revenue rose to NT$362.7 billion (US$11.54 billion as of June 30, the end of the six month reporting period), from NT$225.0 billion in the January to June period last year.
Net income grew 23 percent to NT$16.3 billion (US$517.5 million), the company said in a statement late Monday.
The strong results compare to the former leader in electronic contract manufacturing, Flextronics, which posted revenue of US$7.51 billion in the first half of the year, with net income of US$132.9 million, according to information from its quarterly earnings reports.
Hon Hai said it will continue to work on improving its supply chain management and manufacturing efficiency to meet increased competition in electronics manufacturing. The company's main production facilities are in China, while its research and development, marketing and headquarters remain in Taiwan.