Samsung Electronics boosted by strong sales of Galaxy devices, with Q3 2011 telecoms sales up 37% to $12.5 billion
Operating profits up to $2.1 billion
Making everything from TVs to cameras, computers, printers, MP3 players as well as memory and storage media, Samsung Electronics (005930.KS) pointed to the growth in its smartphone business as key for its Q3 2011 financials.
For the three months ending 30 September, its telecommunications business recorded all-time high quarterly sales of 14.9 trillion won, (around $12.5 billion), up 37 percent year-on-year.
This accounted for around 36 percent of the company's total sales.
It said growth was mainly driven by strong sales of its Galaxy family of smartphones.
Handset shipments rose more than 20 percent quarter-on-quarter, with smartphone sales up 40 percent quarter-on-quarter and 300 percent year-on-year.
The Galaxy S II device has shipped of more than 10 million units since launch.
Operating profit for the business hit a record 2.52 trillion won (around $2.1 billion).
Wanging the dog
Overall, Samsung Electronics posted consolidated Q3 revenues of 41.3 trillion won (around $35 billion), up 3 percent year-on-year.
Consolidated net income was 3.44 trillion won (around $2.9 billion), down 23 percent.
"Despite the difficult business environment due to the economic slowdown in developed markets, Samsung achieved a solid performance and recovered its double-digit operating profit margin in the quarter, driven by strong sales of our smartphones," said Robert Yi, VP and head of investor relations.
Samsung also pointed to the rapid depreciation of the won against the dollar during September that resulted in foreign exchange-related losses of around 420 billion won (around $350 million).
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