Netgem sees profits halve

France-based set-top and home gateway company Netgem saw profits halve last year as it felt the impact of a shortage of hard disk drives as a result of last year’s flooding in Thailand.

The company posted net profit of €10.7 million, down from €23.4 million in 2010. Revenue was down 37% at €84.7 million.

Netgem said the availability and pricing of hard disk drives are coming back to normal and it expects its first quarter revenue for 2012 to amount to €18 million.