Samsung forecasts profit surge

Samsung said it expects to see a profit surge of 79 per cent in the second quarter of 2012 due to the new Galaxy range of smartphones.

The firm has predicted an operating profit of 6.7 trillion won (£3.5 bn) for the three-month period, the highest since 2008.

Whilst overtaking Nokia as the world’s biggest maker of phones earlier this year Samsung has also become the greatest threat to the Apple’s iPhone in the smartphone market.

Its recent launch of the Galaxy S3 smartphone in May has been a great help to the firm’s profits, proving a success with consumers.

"Earnings will be stronger in the current quarter as sales of the high-end Galaxy S 3 will increase dramatically and drive the telecom division's earnings to above 5tn won," said Geun-Chang, an analyst with HMC Investment Securities.