South Korea's Samsung Electronics has reported a record third-quarter net profit of just under $4 billion as strong memory chip and handset sales offset weaker Western consumer demand.
Net profits for the world's largest maker of memory chips and flat-screen televisions came to 4.46 trillion won in the July-September quarter, a 17% annual rise. Revenue in the quarter rose 12%, while operating profit increased 15%.
Samsung said demand for chips and for its popular Galaxy S smartphone more than offset slower demand for consumer electronics in the sluggish economies of Europe and the United States.
The figures include Samsung's overseas businesses, and in line with the company's guidance released early this month.
'In the third quarter, Samsung faced a challenging business environment including declining demand for PCs and TVs, along with a continued economic slowdown in developed markets such as the US and Europe,' said vice-president Robert Yi in the statement.
In the fourth quarter, Samsung said seasonal demand for TVs and mobile handsets would support robust sales growth.
The company also has high hopes for its newly launched Galaxy Tab, a rival to Apple's iPad tablet computer that has won favourable reviews from technology writers.
Samsung wins both ways, by providing flash memory chips for the iPad among other components it supplies to Apple.
But Samsung also said it expected that an oversupply in the memory chip market would lead to price cuts, while prices for liquid crystal display (LCD) panels would continue to fall.
