Samsung Posts Record Quarterly Profit

Samsung Electronics posted its highest quarterly profit ever as its memory chip business and flat-screen TV business led the gains.
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SEOUL, South Korea (

TheStreet

) --

Samsung Electronics

posted its highest quarterly profit ever as its memory chip business and flat-screen TV business led the gains.

Samsung said it earned 3.99 trillion won ($3.6 billion) in the quarter ended March 31, compared with earnings of 582 billion won a year earlier.

Sales rose almost 21% to 34.64 trillion won.

Samsung ranks as the largest manufacturer of computer memory chips, flat screen televisions and liquid crystal displays, according to the

Associated Press

. It also is No. 2 globally in mobile phones behind

Nokia

(NOK) - Get Report

.

Samsung said first-quarter sales in its semiconductor business rose 57% to 8.2 trillion won.

The company said it sold 8.4 million flat-screen TVs in the first quarter, up 47%, adding it expects demand to grow 34% in the second quarter.

Samsung sold 64.3 million mobile phone devices in the first quarter, up 40%, and said it sees demand increasing in the second quarter.

-- Reported by Joseph Woelfel in New York.

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