Samsung report 41% profit increase

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Samsung saw its profits leap by 41% in Q1 of this year, mainly due to increased sales in its smartphone business.

The South Korean company made a net profit of 7.15 trillion won (around £4.2 billion) for the period, up from 5.05 trillion won a year ago.

Samsung’s revenues fell slightly on the previous quarter, down 6% at 52.87 trillion won (around £30.6 billion), though profits were up on the last three months of 2012.

The company’s thriving smartphone sector has been behind much of its success, with sales of smartphone and mobiles up 7% on the last quarter to 32.82 trillion won (£19 billion), accounting for around 75% of the company’s profits.

However Samsung predicted that growth in smartphone sales would be static in the coming months due to stern competition in the mid to low-end sections of the market, before picking up in the second half of the year.

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