South Korea based consumer electronics maker Samsung has announced a 17 per cent increase in its profit for the last quarter of 2011. The company attributed the impressive rise in profits to a boost in its smartphone sales.
According to the company, its net profit during the last three months of the past year stood at 4 trillion won (or $3.6 billion) as compared to 3.42 trillion won earned during the same quarter a year ago. However, the overall profit was down by almost 15 per cent year on year.
Samsung also disclosed that the revenues earned from its massively popular Galaxy smartphone line up during the year underwent a steady 40 per cent growth as compared to 2010.
Despite cut throat competitions with rival outfits such as Apple and other smartphone vendors, the company stated that the shipment volume of its smartphones increased by 30 per cent in the fourth quarter as compared to a year ago.
"Our telecommunications business continued to post solid earnings with an enhanced line-up of high-end smartphones, resulting in [a] higher average selling price," Robert Yi, senior vice president and head of investor relations, said in the earnings statement, BBC News reports.