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Samsung Q1 Profit Up 37%

4/25/2008 10:29:00 AM Eastern

Seoul, South Korea — Samsung Electronics surging first-quarter profit was driven by mobile phone sales.

The company reported a 37 percent jump in profit to $2.2 billion, for the quarter ended March 31, on sales of $17.2 billion.

Samsung LCD business generated 53 percent year-over-year growth primarily due to strong sales of larger, 46-inch and above, screen sizes, the company said.

The Indian and Chinese mobile phone markets accounted for much of Samsung cellphone sales, the company said. Overall, handset sales were up 33 percent compared with the same period last year.

On the down side for the quarter were semiconductor and DRAM chips which dropped 2 percent.