Foxconn International 07 net earnings flat

Taiwan-based handset and camera maker, Foxconn International Holdings Ltd<2038> said on Tuesday its net profit in 2007 was almost flat with last year as competition in global mobile phone industry remained fierce.

Net profit for last year stood at US$721 million, nearly unchanged from US$718 million in 2006, the company said in its annual report. The figure failed to hit former analysts' estimates which averaged at US$760 million in a Dow Jones Newswires survey.

Revenue climbed 3% year on year to hit US$10.7 billion. No final dividend will be paid by the company, same as 2006.

Hong Kong-listed Foxconn principally engaged in producing cell phones for handset giants such as Motorola and Nokia.