TAIPEI: Taiwan chip firm TSMC posted on Thursday a 16.4% rise in quarterly profit to a record, thanks to robust global demand for semiconductors used in smartphones, laptops and other gadgets during the COVID-19 pandemic that drove a chip supply shortage.

Net profit for October-December at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc supplier, rose to T$166.2 billion ($6.01 billion) from T$142.8 billion a year earlier.

That was higher than the T$161.6 billion average of 22 analyst estimates compiled by Refinitiv.

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A pandemic-induced global chip shortage has forced automakers and electronics manufacturers to cut production but has kept order books full at TSMC and other chipmakers in Taiwan, which have become key in efforts to resolve the supply bottlenecks.

TSMC's revenue for the quarter climbed 24.1% to $15.74 billion, slightly higher than the company's prior estimated range of $15.4 billion to $15.7 billion, and compared with $12.68 billion in the same period a year earlier.

The Taiwan company, Asia's most valuable listed firm and whose clients also include Qualcomm Inc, has said tight chip supplies will likely continue this year amid booming demand during the pandemic.