Samsung sales soar on chips and Galaxy S

Samsung Electronics has announced that its net profit climbed 25.6 per cent in the third quarter to 8.24 trillion won (£4.7bn), boosted by a surge in shipments of its Galaxy S smartphone and higher prices for memory chips.

A record operating profit of 10.2 trillion won (£5.92bn) was up 26.08 per cent from the same period last year. The South Korean company has posted a record profit in six of the past seven quarters.

Profit before tax was up 10.24 per cent at 1.99 trillion Korean won, compared with 2012's third quarter figure of 1.74 trillion won.

Sales were at 59.08 trillion won, increasing 13.24 per cent from 52.18 trillion won like-for-like.