Samsung in year end profit boost on smartphone sales
Published: 27th Jan 2012 02:24:14
South Korea's Samsung Electronics has announced a 17% rise in profits in the last three months of 2011, as smartphone sales boosted earnings.
Net profit for the quarter was 4 trillion won ($3.6bn; £2.3bn), up from 3.42tn won in the same period the previous year, Samsung said.
However, for the whole of 2011 net income was down 15% compared with 2010.
Samsung's parent group is planning $42bn (£26.8bn) in capital investment this year.
Samsung said that its Galaxy line of mobile devices drove up revenue for the year by almost 40% compared with the previous year.
Despite tough competition from the likes of Apple in the smartphone market, Samsung said that shipments of it smartphones rose by about 30% in the fourth quarter on an annual basis.
"Our telecommunications business continued to post solid earnings with an enhanced line-up of high-end smartphones, resulting in [a] higher average selling price," said Robert Yi, senior vice president and head of investor relations, in the earnings statement.
James Rooney, Market Force: "Samsung is a very strong and diversified player"
Looking ahead to this year, Samsung is forecasting increased demand for entry-level smartphones and tablet PCs, as well as consistent demand for feature phones.
The company said it will spend 25tn won in capital expenditure this year on its chip and panel businesses, according to the statement.
However, that panel display business, which makes flat panels for TVs and computer monitors, did not perform as well in 2011.
Samsung said it had an operating loss of 220bn won, compared with an operating profit of 100bn won a year earlier.
Despite that Samsung announced its latest line of TVs, which are controlled by voice commands and hand gestures, at the Consumer Electronics Show in Las Vegas last month.
At 12:01:43 in Northern IrelandA gang of up to eight men have damaged a car in Londonderry in what police have called a "sectarian hate crime".
At 12:01:00 in SportLeicester City manager Nigel Pearson wants his squad to mark their Championship title win by setting a new club record points total.
At 11:56:41 in WalesThe director of care at a children's hospice has been cleared of professional misconduct over the way she dealt with a dying teenager.
At 11:54:04 in ScotlandIntelligence whistleblower Edward Snowden has been installed as rector at Glasgow University.
At 11:54:02 in SportPaul Scholes has returned to help Manchester United's coaching team following the sacking of David Moyes.
At 11:54:01 in WorldA New York police public relations exercise in which members of the public were asked to share photos of themselves positively interacting with police officers has backfired.
At 11:53:19 in ScotlandScottish manufactured export sales fell by 4% in the fourth quarter of last year, according to official figures.
At 11:51:14 in EntertainmentThe number of viewer complaints over the audibility of BBC One drama Jamaica Inn has escalated, with the second episode seeing a decline in ratings.
At 11:51:09 in SportThe International Rules competition between Ireland and Australia has been reduced from two games to one for 2014.
At 11:50:20 in SportMiddlesbrough head coach Aitor Karanka has blamed himself for Tuesday's 2-0 defeat by Reading, the club's second loss in four days.
Harvard CitationBBC News, 2012. Samsung in year end profit boost on smartphone sales [Online] (Updated 27th Jan 2012)
Available at: http://www.ukwirednews.com/news/221163/Samsung-in-year-end-profit-boost-on-smartphone-sales [Accessed 23rd Apr 2014]
News In Other Categories
UK property sales were 19% higher in March than the same month a year ago as buyers continued to return to the market, figures show.
Eight major renewable energy projects, expected to support 8,500 jobs, have been given government approval.
An 82-year-old man arrested on suspicion of arson after allegedly crashing his car into a Hampshire sailing club and setting it on fire remains in hospital.
A meeting to determine how the internet should be governed gets underway in Sao Paulo, Brazil later.
A teenage blogger with terminal cancer is close to raising £1m for charity after posting his final message to followers.
Leicester City manager Nigel Pearson wants his squad to mark their Championship title win by setting a new club record points total.