HK-listed Foxconn Interconnect hits near 5-month low on weak outlook

Foxconn Interconnect Technology

24/04/2023 07:28

** Shares of Foxconn Interconnect Technology Ltd  6088.HK 
fall as much as 13.5% to HK$1.54, their lowest since Nov 30, and
extend losses for a second session
    ** Stock of the headset and speaker system accessories maker
is the biggest percentage loser in Hang Seng Composite Index on
information technology firms  .HSCIIT  and the second-biggest
decliner in Hang Seng Composite Index  .HSCI  
    ** Co expects to record an unaudited net loss of $5 mln-10
mln for Q1 2023, versus an unaudited net profit of $30.6 mln for
Q1 2022
    ** Says Q1 results hit by the additional costs and expenses
on investment in digital transformation and a reduction in
shipments of products amid a weak outlook for the consumer
electronics sector
    ** Co says it remains cautious about its results for Q2 and
Q3 2023 and expects to see a year-on-year deterioration in its
net profit or loss position
    ** The Hang Seng Composite Index on information technology
firms  .HSCIIT  drops 1.9%, the Hang Seng Composite Index
 .HSCI  falls 1.5% and Hang Seng Index  .HSI  eases 1.4%
    ** As of last close, stock down 13.2% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))