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Foxconn posted record profit through cost control despite first-ever sales decline

Key Apple assembler is set for a strong year ahead with launch of new iPhone

TAIPEI -- Key iPhone assembler Hon Hai Precision Industry, also known as Foxconn Technology Group, posted record net profit for the 2016 full year through tighter cost controls, despite suffering a year-on-year decline in revenue for the first time that was largely due to slowing demand for Apple's popular handsets.

For the full year, net profit reached 148.66 billion New Taiwan dollars ($4.9 billion), an increase of 1.2% on the year, while revenue dropped 2.8% to NT$4.35 trillion.

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