Today's annual shareholders meeting revealed that the second half of this year will show great profit gains from iPad production

It's no secret that Apple's iPad and iPad 2 are wildly popular when it comes to tablet devices. The iPad launched in April 2010, and within its first 80 days of release, about 3 million were sold. When the iPad 2 launched in March 2011, retailers around the world reported that they had already sold out the very next day.

Due to the overwhelming popularity of the iPad tablet, Foxconn, a subsidiary of contract electronics assembler Hon Hai Precision Industry Co., increased production of the device. While this increase in production has worked out fabulously for Apple, it has led to some poor working conditions for Foxconn employees, who have gone so far as committing suicide to escape Foxconn.

As if that wasn't enough, a Foxconn electronics factory in Chengdu, which is known for producing Apple's iPad, suffered a fiery blast on May 20 that killed three employees and injured another 15. Reports said the explosion was caused by a buildup of flammable dust over the plant's polishing workshop.

But now, things are looking up for Hon Hai as it looks forward to a wealthy second half of this year and next thanks to iPad production. These predictions came courtesy of an annual shareholders meeting today.

According to Terry Gou, chairman of Hon Hai Precision Industry Co., the contract electronics assembler has fallen behind Apple's profit gains because the devices are "difficult to make," and it is in the process of learning more efficient ways of making Apple's latest tech.

In the year ended in December 2010, Hon Hai's net income rose 1.9 percent to NT$77 billion ($2.7 billion) "on a 53 percent jump in revenue to NT$3 trillion." Apple, on the other hand, had a profit increase of 70 percent to $14 billion in the year ended in September 2010.

"We've helped Apple make a lot of money," said Gou. "If our customers make money, then we can also make money. I most fear customers that don't make money."

In addition, shareholders gained more than originally proposed after approving a plan to pay a dividend of NT$2 on 2010 earnings. Hon Hai's plan is to pay a NT$1 a share cash dividend and  NT$1 in stock on 2010 profit. After it was approved, stock rose 0.5 percent at NT$100.50 in Tarpei trading after "gaining as much as 1.5 percent to NT$101.50."

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