TAIPEI – Foxconn reported a 23.7% year-over-year decline in profit in the fourth quarter of 2019 to NT$47.8 billion (US$1.6 billion), according to reports.

The firm did not explain the decrease in profit from the fourth quarter of 2018.

This month Foxconn said first quarter revenue would fall more than 15% in businesses including consumer electronics, with recovery expected as production picks up after the coronavirus epidemic.

Foxconn reported its largest monthly drop in revenue in some seven years in February because of the effects of Covid-19.

Ed.: NT1 = US$0.03