Samsung Electronics posted a record high net profit in the first quarter of 2012 due to the increasing popularity of its Galaxy smartphones.
Samsung had the better of its rivals in the traditionally quiet period for consumer electronics, selling more smartphones in this period than Apple, for example. This prompted Samsung's net profit to double compared to the same period a year earlier, to €3.39 billion.
Some 70 percent of Samsung's operating profit came from mobile businesses during the first three months of the year and the news led to the company's shares rising by three percent.
Sales rose by more than a fifth (22 percent), while operating profits rose to a record €3.9 billion, which was as the company had predicted earlier this month.
Lower profits generated from memory chips were offset by Samsung's strong performance in the smartphone market, which has prompted the company to predict that record profit levels will be achieved in the coming months.