TAIPEI – Hon Hai (Foxconn) posted third-quarter net income up 58% to $1 billion.

Sales for the September quarter climbed 6.8% to $24.3 billion.

The world's largest EMS/ODM company reversed losses from the previous quarter tied to its planned investment in Sharp. Greater efficiency at newer factories in China, higher margins for new iPhones, and a larger share of component buys offset higher wages in Zhengzhou, where iPhones are manufactured.

Year-to-date net income was $1.98 billion, with revenue of $76.3 billion.

Hon Hai said it plans to invest $375 million in China, including $275 million for a mobile-device facility in Jiyuan, LCD module facilities in Chengdu and Shenzhen, and a precision-molding business in Hengyang.