Foxconn subsidiary expects $110m interim loss following Nokia deal

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Stock markets in greater China are closed for public holiday today, but one company to watch out for at the open on Wednesday is Hong Kong-listed Foxconn subsidiary FIH Mobile, which has revealed it expects to report a net loss of about $110m for the six months to June following its deal to buy Nokia’s feature phone unit last year.

Hong Kong-listed contract manufacturer FIH Mobile bought the Nokia unit from Microsoft in May for $350m. It also struck a deal to revive the brand with mobile phones and tablets alongside new Finnish group HMD, which is made up of former senior Nokia and Microsoft telecoms executives.

FIH Mobile reported a net profit of $20.8m in the first six half of 2016.

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