SINGAPORE -- (Marketwire) -- 01/29/13 -- City Index Asia -- Samsung Electronics have revealed a 76 per cent increase in profits for the last three months of 2012, with sales of its Galaxy smartphones thought to be a key factor in driving growth.

The Korean company's net income rose to a record 7.06 trillion won (£ 4.2 billion), a substantial increase on the 4.01 trillion won recorded during the same period last year, smashing the expectations of many analysts.

Last year was very successful for the company, as it became the world's main player in making smartphones, overtaking its main rival Apple, which saw shares tumble by 12.35 per cent in New York on Thursday (January 24th).

Analysts have attributed Apple's difficulties to disappointing sales of its new iPhone 5.

But Samsung has seen its profits driven by the success of the Galaxy smartphones and tablets.

Despite its success, the company did warn that competition in the smartphone sector could lead to softening demand.

It is that warning that analysts claim has caused Samsung's shares to slip on some European markets.

At 1144GMT during trading in Frankfurt, the company's shares were valued at EUR 287.15, a drop of 2.84 per cent.

About City Index:

Contracts for Difference (CFDs), unlike other forms of traditional trading, enable you to go short so you can potentially profit from falling prices as well as rising markets. As CFDs are a leveraged product, you can potentially enhance your return on investment.

At City Index, you can take advantage of the volatility and liquidity of the world's largest market, trading spot FX on margin -- in USD. Match your trading style with our customisable trading platform, wide range of FX pairs, adaptable lot sizes, interactive charting packages and variable leverage retail forex offering.

This information is intended for general circulation only. It should not be construed as an investment advice or offer or solicitation to buy or sell any financial products.

CFDs and margined forex contracts are leveraged products and may result in losses exceeding your initial outlay.

Add to Digg Bookmark with del.icio.us Add to Newsvine