Foxconn subsidiary expects $110m interim loss following Nokia deal
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Stock markets in greater China are closed for public holiday today, but one company to watch out for at the open on Wednesday is Hong Kong-listed Foxconn subsidiary FIH Mobile, which has revealed it expects to report a net loss of about $110m for the six months to June following its deal to buy Nokia’s feature phone unit last year.
Hong Kong-listed contract manufacturer FIH Mobile bought the Nokia unit from Microsoft in May for $350m. It also struck a deal to revive the brand with mobile phones and tablets alongside new Finnish group HMD, which is made up of former senior Nokia and Microsoft telecoms executives.
FIH Mobile reported a net profit of $20.8m in the first six half of 2016.
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