The iPad Mini is shown in San Jose, California. (AP Photo)
The site, IH, said that the Wi-Fi 16GB base model costs roughly 117 pounds for Apple to build, and it sells them for 269 dollars each.
The
32GB and 64GB models cost an additional 19 pounds and 39 pounds to build, respectively.
In its report, IHS further looked at the components that are being used to build the iPad mini, the Daily Mail reports.
It was found that LG Display and AU Optronics are supplying roughly 80 dollars in display components for the 7.9-inch tablet.
Gadget-repair specialist company iFixit's teardown released on Friday found that Samsung is also making display components, too.
Samsung was also found to be supplying the A5 chip in the iPad mini in IHS' report.
However, IHS wasn't the first site to rip apart Apple's new mini.
In the first dismantling of the iPad mini, which will be sold in 34 countries beginning tomorrow, iFixit, discovered a Samsung display driver chip, which indicated that Apple had picked the Korean firm's screen technology.
"Though the markings on the back of the LCD (display) don't turn up much information, the Samsung display driver IC (chip) reveals that Apple, once again, went with Samsung in its display manufacturing," iFixit said, detailing the teardown on its website.