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HTC profits plunge 90% in fourth quarter

The Taiwanese mobile manufacturer sees profits fall from NT$11bn in 2011 to just NT$1bn at the end of 2012

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HTC has announced results showing a significant fall in profits over the past 12 months.

The mobile manufacturer, based in Taiwan, recorded profits after tax of NT$1bn (£21m) for the fourth quarter of 2012, down from almost NT$11bn in the same period in 2011.

Revenues were also well down, at NT$60bn for the three-month period, compared to NT$101bn the previous year.

An HTC spokeswoman said the company was not releasing a statement to accompany the figures.

The news come as its major smartphone rival, Samsung, prepares to release its financial results, with most analysts expecting a record-breaking quarter.

Samsung's flagship handset, the Galaxy S III, has helped make the company the best-selling mobile brand in the world, according to studies by analysts Juniper Research and Gartner.

Both HTC and Samsung are expected to make announcements at this week’s consumer Electronics Show in Las Vegas.

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