Samsung in year end profit boost on smartphone sales

South Korea’s Samsung Electronics has announced a 17% rise in profits in the last three months of 2011, as smartphone sales boosted earnings.

 

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.

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.

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.

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