Record November profits for HTC

Taiwan-based smartphone maker High Tech Computer (HTC) has reported record monthly profits for November of NT$17.76 billion ($528.57 million).

This represents a 10.8% increase on month, and a 22.1% increase on year.

Driving the record monthly profits were HTC’s two flagship handsets: the Touch Diamond and the Android-based G1.

The G1, sold exclusively by T-Mobile, was the US’s favourite handset in November.

HTC’s performance starkly contrasts with results recorded by other smartphone manufacturers.

Global recession has caused the smartphone market to hit its slowest ever level of growth.

Sales in the sector grew just 11.5% on year during the third quarter, whilst market leader Nokia reported negative growth in smartphone sales for the period.

HTC’s revenues for the first 11 months of 2008 total NT$138.98 billion, up 29.6% on year.

Shares in HTC rose 5.6% following the announcement.