HTC's fourth-quarter profit $T 0.3 bln

TAIPEI Sun Jan 5, 2014 2:39am EST

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TAIPEI Jan 5 (Reuters) - Taiwanese smartphone vendor HTC Corp said on Sunday it made a net profit of T$0.3 billion ($10 million) in the fourth quarter of 2013, missing expectations despite a one-time asset sale and cost cuts to offset years of falling sales amid intense competition.

Analysts polled by Thomson Reuters I/B/E/S had expected a net profit of T$721.71 million for a quarter during which the firm that once dominated Taiwan's phone making industry was convulsed by a wave of senior executive departures.

The October-December figure compares to a net loss of T$2.97 billion in the previous three months - HTC's first-ever quarterly loss as companies like Samsung Electronics Co Inc and Xiaomi Inc increased their share of the global smartphone market. In the fourth quarter of 2012 it made a net profit of T$1.01 billion.

HTC's fourth-quarter earnings included a one-time profit of T$2.5 billion from the sale of its remaining stake in Beats Electronics LLC, a headphone brand. ($1 = 29.8980 Taiwan dollars) (Reporting by Faith Hung; Editing by Kenneth Maxwell and Ron Popeski)

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