Business

Foxconn shares fall 8% on results

iphone
Image caption Foxconn said it would focus on moving into smartphones

Shares in the iPhone manufacturer Foxconn International have fallen almost 8%, a day after the company reported heavy losses.

The Taiwanese firm, which makes handsets for names including Apple and Nokia, reported a net loss of $143m (£93m) for the first half of the year.

Foxconn blamed the "difficult" and "volatile" handset market, as well as higher costs for the loss.

Shares in the company were down 7.8% to HK$5.13.

At one stage, they fell as low as HK$4.98 - the lowest level since 22 July.

Foxconn said costs for buying new properties more than doubled to $169m.

It said it would prioritise moving into the increasingly popular and lucrative smartphone market.

Earlier this month, Foxconn said that it would hire more workers in China in order to cut employees' overtime while maintaining production. The move followed a spate of suicides at its Chinese factories.

The company has also increased wages in China.

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