The rise in sales of Galaxy smartphones have driven South Korea based Samsung’s profit during the third quarter (Q3) 2012 profit to KRW6.56trillion ($5.97bn), up 91% from KRW3.44 trillion ($3.12bn) reported during the same period in 2011.
Samsung’s mobile communications business generated KRW26.25 trillion ($23.84bn) in revenue for Q3 2012, up 26% accounting for more than half of the firm’s total revenue of about KRW52.2 trillion ($47.41bn).
Samsung senior vice-president Robert Yi said the business environment remained difficult with global economic uncertainties persisting amid the fiscal concerns in the US and Europe.
"However, we continued to break our quarterly profit records," Yi said.
The South Korean firm, which accumulated in about half of its profit and revenue from its mobile communications segment, claims that its Galaxy S III and Galaxy Note II smartphones will assist in sustaining earnings momentum during the last quarter of 2012.
During the period, Samsung sold 20 million Galaxy S III smartphones following its launch in May 2012 and the firm anticipates that the sales of new Note II will exceed the 10 million sales of its earlier model.
According to ITC, Samsung sold 56.3 million smartphones when compared to US-based Apple that sold 26.9 million iPhones, capturing 31.3% of the global smartphone market in Q3 2012.
Both Apple and Samsung are involved in patent disputes and the South Korean firm is trying to overturn the decision of a San Jose jury to pay $1.05bn in fines to Apple over infringing Apple patents for the iPhone and the iPad.