TAIPEI -- Foxconn today issued a statement saying its net profit for 2008 will show “a significant decline” from 2007.

In the statement, the EMS company blamed “changes in product mix, lower demand and pricing due to global economic downturn, and higher operating costs resulting primarily from lower utilization of facilities, the relocation of certain of the Group’s production facilities and the restructuring of the Group’s global operations.”

Foxconn also cited  increased R&D spending, reduced foreign exchange gains and higher income tax expense.

The company did not disclose any specific guidance on its 2008 profits.

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