The iPhone making firm Foxconn International has seen a 8% fall in its share value just after one day of the company’s announcement of heavy losses in recent times.

The company which makes mobile phones for Nokia and Apple has reported a net loss of 143 million dollars in the first six months of this year. The company has blamed the higher costs and uncertain global handset market as the main reasons for its losses.

The shares of the company fell down by 7.8% in the same period of time and at one stage its shares fell down to the lowest level since 22nd of July but recovered later.

The iPhone maker also said the costs of buying new properties were more than doubled and reached to 169 million dollars.

The company has plans to enter in to the increasingly popular global smartphone market in the near future.

The company has announced earlier this month to hire more employees for its China operations in order to cut the overtime of the employees and at the same time maintaining the productions. The company has already increased its wages in China in recent past.