Foxconn International Holdings (FIH), a handset arm of Foxconn Electronics (Hon Hai Precision), reportedly began assembling iPhone 5s for Apple in October, and the company is expected to a see turnaround in 2013.

Foxconn, the primary OEM for iPhones, has switched some production to FIH due to difficulties in recruiting labor at its plant in Zhengzhou, China, the paper quoted Citigroup as saying. Foxconn and FIH both declined to comment on market reports, said the paper.

FIH is expected to post net profits of US$251 million with an operating margin of 3% in 2013, Citigroup estimated.

Shares of FIH rose 31.86% to close at 6-month high of HKD$3.6 (US$0.465) on Hong Kong Stock Exchange (HKSE) on November 5.

By: DocMemory
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