TAIPEI (Reuters) -Taiwan’s Foxconn, the world’s largest contract electronics maker and main iPhone assembler for Apple Inc (NASDAQ:), mentioned on Sunday its income in January jumped 48.2% year-on-year, because it shook off COVID disruptions in China.

Income in January reached a file excessive, at T$660.4 billion ($22 billion), with operations returning to regular and shipments rising at its Zhengzhou campus in China, a centre for iPhone manufacturing, the corporate mentioned in an announcement.

In comparison with the earlier month, income was up 4.93% with good shopper electronics merchandise, which incorporates smartphones, and computing merchandise exhibiting robust double-digit progress, it mentioned.

Manufacturing of iPhones confronted disruption forward of Christmas and January’s Lunar New 12 months holidays, after curbs to regulate COVID-19 prompted 1000’s of employees to go away Foxconn’s manufacturing unit strains in Zhengzhou.

Analysts say Foxconn assembles round 70% of iPhones, and the Zhengzhou plant produces the vast majority of its premium fashions together with the iPhone 14 Professional.

“Primarily based on market consensus for first quarter 2023, January income got here in barely forward. The outlook for the primary quarter will probably attain market expectation,” Foxconn mentioned with out elaborating.

Analysts anticipate first-quarter income to develop by round 4% year-on-year, in response to Refinitiv.

Apple on Thursday forecast its income would fall for a second quarter in a row however that iPhone gross sales had been probably to enhance as manufacturing had returned to regular in China after the COVID-related shutdowns.

Foxconn shares have slid 0.3% thus far this yr, underperforming the broader Taiwan market which is up 10.4%.

The corporate reviews fourth quarter earnings, the place it would additionally elaborate on its outlook, on March 15.

($1 = 29.9660 Taiwan {dollars})