HTC has posted record Q1 profits and has now overtaken Nokia as the world’s third largest mobile phone manufacturer by market value.

Powered by worldwide demand for its impressive array of Android phones, the Taiwanese company posted a net income of $513 million, which almost triples the figure from the same period of 2010.

Back in January the company predicted that it would sell 8.5m devices in the first quarter which more than doubles last year’s figure.

It’s thought that Android phone sales as well as the company’s headstart in 4G connectivity on handsets like the US-only Evo 4G has also contributed to the dramatic rise in fortunes.

With HTC about to take its first foray into the tablet world with the forthcoming HTC Flyer analysts are predicting a further boost as the year continues.

“We expect HTC’s new model launches in the second quarter to drive stronger shipment growth than peers in the next two quarters,” said Jeff Pu, an analyst at Fubon Financial Holding Company.

And to think that just a couple of years ago, HTC was toiling away fruitlessly making Windows Mobile 6 phones. My how the tables have turned.

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