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Samsung predicts strong Q1 profits

Samsung predicts strong Q1 profits

South Korean electronics conglomerate Samsung has predicted that it could post operating profits of £2.6 billion for the first three months of the year.

The figure represents seven times the profit it recorded in the first quarter of 2009 and suggests that the company is on course to break its record quarterly profit takings, which it set in autumn last year.

A detailed explanation of Samsung's strong performance in 2010 is to be given at the end of April, according to spokesperson Hwang En-Ju.

Samsung is the world's second largest mobile phone manufacturer and is the global number one when it comes to flatscreen TVs and memory modules for PCs and phones.

However, the success of its heavily marketed Jet smartphone and Genio range of social networking focussed mobiles is likely to have been a strong contributory factor to the impressive showing this year.

Despite predicting potentially record-breaking quarterly profits, the price of shares in Samsung did not change.

The firm managed to add 77 per cent to the value of its shares in 2009.

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