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Business

Samsung posts record Q4 net profit

South Korea's consumer electronics giant Samsung has reported a huge rise in net profit for the final quarter of 2012. The company has been strengthened by flagship smartphone sales.

Samsung Electronics of South Korea on Friday reported that its net profit rose by a staggering 75.6 percent year-on-year in the fourth quarter of 2012.

The world's largest technology firm by revenue said earnings in the October through December period soared to a record 7.04 trillion won ($6.6 billion, 4.9 billion euros), while net profit for the whole of last year stood at 23.8 trillion won.

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Samsung reports record profits

The company stated that fourth-quarter growth was mainly driven by solid sales of its flagship Galaxy S3 and Galaxy Note 2 smartphones. Samsung's growth momentum in the sector thus remained ahead of rival Apple.

Cautious outlook

But the South Koreans warned that the furious growth spurt in 2012 would be "pacified" in the current year by intensifying price competition. "In the first quarter, demand for smartphones in developed countries is expected to decelerate," the firm said in a statement.

Samsung also did surprisingly well in the memory chip division despite sluggish global demand towards the end of last year. The company's semiconductor unit posted $8.97 billion in sales between October and December, marking a 10 percent increase in revenue quarter-on-quarter.

"Despite uncertainties in Europe and concerns over the US fiscal cliff we did our best to achieve strong earnings based on high value-added products," remarked investor relations chief Robert Yi.

hg/hc (AFP, dpa)

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