Hon Hai profit up 11% in Q3

Taiwan's tech giant Hon Hai Precision Industry, a major supplier to Apple, said Thursday that its net profit in the three months to September increased 11 percent year-on-year.

Net profit in the third quarter was NT$34.09 billion ($1.14 billion), compared with NT$30.72 billion in the same period last year.

Hon Hai, also known by its trade name Foxconn, said revenue in the third quarter rose 3.4 percent year-on-year to NT$950.49 billion.

Nearly half of Hon Hai's revenue is generated by orders from Apple, which said in October it sold 39.3 million iPhones in the three months ending September 27, up 16 percent from the same period a year earlier.