HTC reports NT$28.7bn profit

Taiwan-based High Tech Computer (HTC) has reported its results for 2008, with revenues growing 28.65% on year to NT$152.56 billion (US$4.61 billion).

Net income after tax was NT$28.7 billion, down 0.9% compared to 2007 profit of NT$28.9 billion, but exceeding analyst estimates.

International news agency Reuters polled 17 analysts before HTC’s results were released. The analysts gave an average net profit estimate of NT$28.4 billion.

HTC said the fall in profit was due to a regulatory change that requires employee bonuses to be expensed.

This year, HTC aims for a revenue growth of 20% – contravening market expectations.

The world’s leading handset maker, Nokia, expects its sales to decline by 5% this year.

HTC plans to release about 10 new handsets this year, some powered by Windows Mobile and others by Google’s Android platform.

Shares in the company climbed 3% following the news.