Samsung’s Q4 profit surged 76% as smartphone sales ‘double’

Samsung’s Q4 profit surged 76% as smartphone sales ‘double’ London: Korean mobile maker Samsung’s profits have surged 76 percent in the last three months of 2012 in the wake of its booming smartphone business.

Net income rose to a record 7.04tn won (6.6 billion dollars), up from 4.01tn won in the same period a year earlier.

The firm said its mobile profits more than doubled over the same period, the BBC reports.

According to the report, the firm said its Galaxy line of smartphones and tablets has been its top seller, driving profits.

The handsets division saw an operating profit of 5.44tn won, up from 2.56tn won a year earlier.

The report pointed out that earnings were also helped by Samsung’s displays unit, which made a profit, after losses a year earlier.

The unit enjoyed a sales boost from its organic light-emitting diodes (OLED) screen, used in the Galaxy smartphones, the report said.

The firm said its capital spending this year would be similar to 2012 levels, despite analyst expectations that it would be cut, the report added.

ANI