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Stocks

Largan Precision shares fall on weak sales

HONG KONG -- Taiwan's Largan Precision, a major supplier of camera lens modules for Apple's iPhone, fell in Taipei trading after saying its June sales dropped.

Last month's sales declined 30% from a year earlier to 3.59 billion New Taiwan dollars ($111 million), the company said on Tuesday. Largan Precision's share price fell briefly by NT$55, or 1.86%, to NT$2,895 on Wednesday.

The Central News Agency and other Taiwanese media reported that the company's sales were almost in line with company and market projections. Given that Largan Precision's first-half sales are normally sluggish, market participants expect the company's earnings to improve after July, when it begins parts deliveries for Apple's new products. The company's first-half sales fell 25% from a year earlier to NT$18.3 billion.

Meanwhile, speculation is rife that the production of Apple's new iPhone 7 may be curbed. More market analysts predict that Taiwan's Apple-related companies can no longer grow rapidly, according to local media reports on Wednesday.

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