Samsung Electronics has said that its expects its profits to rocket up 79 per cent in the second quarter as sales of its many smartphones continue to shine.

The firm has forecast an operating profit of 6.7 trillion won (£3.8 billion) for the second three months of the year, which is its highest quarterly profit since 2008.

In the three months, Samsung overtook Nokia as the world's largest mobile phone maker in the world after the Finnish company had been on top for 14 years.

Analysts have stated that profits could rise even further in the future as sales of its marquee device the Galaxy S3 are taken into account.

HMC Investment Securities' Nho Guen-Chang said the new handset is likely to sell around 19 million units in the third quarter.

"Earnings will be stronger in the current quarter as sales of the high-end Galaxy S III will increase dramatically and drive the telecom division's earnings to above 5 trillion won," the expert added.

Posted by Claire Marshall

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