HTC Q1 Net Profits Fall 98% - Twice

HTC Q1 Net Profits Fall 98%

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Taoyuan, Taiwan – HTC’s net profits fell at a double-digit rate for the sixth consecutive quarter in the company’s 2013 fiscal first quarter, when net profits after taxes fell 98 percent to NT$85.1 million ($2.88 million).

Net profits also fell on a sequential basis from the fourth-quarter’s NT$1 billion ($33.8 million).

Revenues fell in the first quarter at a double-digit rate for the fifth consecutive quarter to NT$42.8 billion ($1.45 billion), down 36.9 percent from the year-ago quarter. Revenues were off sequentially from the fourth quarter’s NT$60 billion ($2.03 billion).

First-quarter gross margins fell to 20.3 percent from the year-ago 25 percent and from the fourth-quarter’s 23 percent.

For the second quarter, HTC forecasts revenues of about NT$70 billion ($2.37 billion), which would be down 23.3 percent the year-ago NT$91 billion $3.08 billion).

During fiscal 2012, HTC posted double-digit percentage declines in sales, operating profits and net profits in the fourth quarter and full fiscal 2012.

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