Taiwan's Foxconn issues profit warning

Foxconn International expects unaudited net profits for the six months to June 30 to 'show a significant decline' from a year ago, a Reuters report said.

Foxconn, a supplier to top brands such as Nokia, cited higher costs and income tax expenses in its profit warning statement, the Reuters report added.

Foxconn shares have fallen 55% this year. The Hong Kong listed company's parent is Taiwan-based electronics giant Hon Hai Precision Industry.