Galaxy tablet enhances Samsung Q3 earning by 37%

Barely less than a year when it hit the telecommunications market with Galaxy tablet, Samsung Electronics September third quarter financial reports showed that its telecommunications business recorded an all-time high quarterly sales of $12.5 billion), up 37 percent year-on-year.Making everything from Televisions to cameras, computers, printers, MP3 players as well as memory and storage media, Samsung Electronics said that the growth in its smartphone business was key for its Q3 2011 financials.According to the company, the growth was mainly driven by strong sales of its Galaxy family of smartphones adding that handset shipments rose more than 20 percent quarter-on-quarter, with smartphone sales up by 40 percent quarter-on-quarter and 300 percent year-on-year.The Galaxy S II device has shipped of more than 10 million units since launch.Operating profit for the business hit a record of about $2.1 billion while overall, Samsung Electronics posted consolidated Q3 revenues of around $35 billion), up 3 percent year-on-year. Consolidated net income was about $2.9 billion.Vice President Samsung and Head of Investor Relations, Mr. Robert Yi said that "despite the difficult business environment due to the economic slowdown in developed markets, Samsung achieved a solid performance and recovered its double-digit operating profit margin in the quarter, driven by strong sales of our smartphones."Samsung also said that to the rapid depreciation of the South Korean money against the dollar during September resulted in foreign exchange-related losses of around $350 million.
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