TAIPEI – Foxconn International Holdings, the cellphone manufacturing arm of the world’s largest electronics ODM, said it would sell assets to the parent company after reporting a steep drop in annual profits.

FIH will to sell its entire equity interest in Foxconn Precision Electronics for 463.27 million yuan ($71 million) in cash to China Prime Rich Holdings, a wholly owned subsidiary of Hon Hai. Hon Hai is the parent company of FIH. The deal includes real estate and is pending approval of shareholders and government authorities.

FIH swung to a 2010 net loss net of $218 million and revenue fell 8.25% year-over-year to $6.63 billion.

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