Is the iPhone 5 a cheap plastic?

The cost of producing a single unit of iPhone 5 is said to be around $167 but the phone sells for about $199 to $399 depending on the memory size.

This means that Apple would be making over $30 for each and every single unit of iPhone 5 they sell.

Normally, this might have or should have been overlooked but the iPhone 5 lacks a single feature capable of making the news, it lacks NFC(Near Field Communication) which is now a standard in the smartphone market, even Nokia featured it in Lumia 920 using it for Wireless Charging.

Here is a list of the cost of some of its components;
· The 4-inch 1136x640 pixel display costs $18

· The touch screen $7.50

· One battery unit is $3

· The A6 processor $28

· The camera stands at $10

· The built-in WiFi/Bluetooth/GPS is $4

Putting everything into consideration,
Is the iPhone 5 a cheap plastic?