Samsung has announced record quarterly profits of 8.12 trillion South Korean Won (£4.6 billion) as a report finds that the manufacturer dominates the global mobile phone market.

The gadget creator sold 56.3 million handsets in the third quarter of 2012, data released by the International Data Corporation (IDC) shows.

As a result, the company now has 31.3 per cent of the worldwide smartphone market – over twice Apple's 15 per cent share.

Company profits have grown dramatically over the past year, as the all-time-high figure is 91 per cent above the amount recorded 12 months ago.

Incredible sales of the popular Galaxy S3 handset may have contributed, as 20 million units were shifted within 100 days of its release.

The company said: "Samsung’s solid performance is mainly attributed to increased sales of handheld phones and stronger demand for display panels."

A smaller version of its flagship device, called the Galaxy S3 mini, is expected to go on sale in the UK on November 8th.

Posted by Simon Thomas

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