Samsung Electronics records 5.05 trillion won net profit

PanARMENIAN.Net - A surge in Galaxy smartphone sales fueled earnings at Samsung Electronics to a record high in the first quarter, usually a tough season for the global consumer electronics industry, outshining handset rivals such as Nokia Corp, according to The Associated Press.

Samsung sold more smartphones in the first three months of the year than Apple Inc. and raked in more than 70 percent of its operating profit from mobile businesses. Shares of Samsung Electronics Co. shot up nearly 3 percent.

Net profit nearly doubled from a year earlier to a record 5.05 trillion won ($4.46 billion) for the fiscal quarter ended March 31.

Operating profit also logged a record high: 5.85 trillion won, which was in line with the company's guidance provided earlier this month. Sales rose 22 percent from a year earlier to 45.3 trillion won.

Strong demand for high-end smartphones, such as the Galaxy Note and the Galaxy S2 introduced last year, helped mask lower profit from memory chips, another Samsung flagship business.