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HTC Posts Full-Year Operating, Net Losses

2/10/2014 04:20:00 AM Eastern

Taoyuan, Taiwan – HTC posted a full-year net loss in fiscal 2013 following a 2012 in which net profits plunged 72 percent.

Full-year revenues fell at double-digit percentage rates for the second consecutive year.

In fiscal 2013 ending December, revenues fell 29.6 percent to NT$203.4 billion ($6.71 billion); operating losses hit NT$4 billion ($131.9 million) compared with 2012’s operating profit of NT$18.8 billion ($620 million), and net losses hit NT$1.33 billion ($43.9 million) compared with 2012’s net profit of NT$17.6 billion ($580 million).

For the fourth quarter, revenues fell 28.5 percent to NT$42.9 billion; the company posted an operating loss of NT$1.6 billion compared with a year-ago operating profit of NT$1 billion, and net profit fell to NT$310 million from a year-ago net profit of NT$1 billion.

The fourth quarter marked the company’s second consecutive quarterly operating loss, but HTC nonetheless posted a fourth-quarter net profit because it sold off the remaining shares it owned in Beats Electronics.

In the third quarter, the company posted its first quarterly net loss in company history with a net loss of NT$2.97 billion.

For its first fiscal 2014 quarter ending March, the company projects a net loss of $NT860 million to NT$3.11 billion.

“We will continue to stay focused on making the best smartphone and building a compelling midrange portfolio,” said CEO Peter Chou in announcing the results. “Meanwhile, we are going to communicate better with consumers.”

To that end, the company in the last quarter launched “The Most Beautiful Smartphone” campaign through an interactive outdoor billboard in New York City’s Time Square, and last August, the company launched a worldwide ad campaign starring actor Robert Downey Jr.

In fiscal 2012, HTC posted double-digit percentage declines in sales, operating profits and net profits in the fourth quarter and full fiscal 2012. Revenues were down 38 percent to NT$289 billion; operating income fell 72.6 percent to NT$18.8 billion, and net profit fell by 72 percent to NT$17.6 billion.

Currencies were converted at a rate of $1=NT$30.3.

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