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(Pocket-lint) - HTC has announced its first quarter financial results for 2013 and they don't make for comfortable reading, if you're a HTC exec. It has posted its lowest ever profits for the period.

Net income was down a staggering 98 per cent, which is being blamed mainly on the release delays of the HTC One smartphone - a device Pocket-lint gave five stars to, but which came out in the UK two weeks late and is still to hit other key markets, such as the US. With the HTC One included, analysts had predicted HTC's first quarter net income to be around NT$600 million (£13 million), whereas without it, in reality, it was NT85 million.

Some would expect that, now the HTC One has finally started hitting the streets, second quarter profits will jump. However, one analyst believes that because of several significant factors the phone will not reap as much return for HTC as it would have if released on its original schedule.

"HTC One’s production shortage means lost sales in the first quarter will be lost forever, not just delayed," said Lu Chia- lin, analyst at Daiwa Securities.

However, it is not time to panic yet. "HTC One has a good design, and they still have lead time ahead of the S4, so revenue has a good chance to rebound this quarter," he added.

Writing by Rik Henderson.