HTC profit worse than expected

Taiwanese smartphone maker HTC has reported a worse-than-expected net profit in the fourth quarter, despite aggressive cost cutting and a one-time gain.

The company reported net profit of T$0.3bn (€7.37m), compared to a net loss of T$2.97bn in the previous quarter and profit of T$1.01bn in the same quarter of 2012.

The figure lags behind the expected net profit of T$721.71m.