Samsung Electronic has posted record profits on the back of unquenchable demand for its Galaxy S3 handset.
The South Korean giant posted net profits of £2.9bn for the three months ending 30 June, with sales of £26.6bn. That equates to a 48 per cent jump in net profits compared to the year-ago quarter and a 21 per cent rise in sales.
Samsung said it sold 50.5 million smartphones in the past three months, undoubtedly helped by the release of its flagship Galaxy S3 handset.
Earlier this month, Samsung revealed it had sold more than 10 million S3 handsets. It had also previously warned that demand for the handset was stretching its supply chains to the limit.
Despite the stellar quarter, head of investor relations, Robert Yi sounded a note of caution for the future, acknowledging that Samsung is not immune to the economic uncertainty currently gripping the globe.
"As we move into the second half, continued fiscal instability in Europe and its effect on the global economy will result in the possibility of a slower than expected recovery and intensified market competition," he said.
While sales of smartphones accounted for a huge chunk of Samsung's profits, it racked up a number of successes in other areas of its business too.
Sales were also up in display panel, consumer electronics units, although its semiconductor unit sales slipped.
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