South Korean Electronics Giant Samsung on Friday reported record earnings for the fourth quarter last year results with a 17% rise in profits in the final three months of 2011. Samsung recorded an operating profit of 5.3 trillion won, or approximately $4.72 billion USD, on sales of 47 trillion won, or approximately $42 billion USD.
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 iPhone maker 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.
The company said it will spend 25tn won in capital expenditure this year on its chip and panel businesses. Samsung forecast its strong momentum in mobiles would continue this year and it aimed for 15 percent margins from the business.