Seoul, South Korea - Samsung Electronics reported double-digit sales and profit increases in the first quarter based on strong demand for flat-panel TVs and mobile phones, as well as memory chips.
Samsung had a net profit of 3.99 trillion won, or $3.6 billion, in the first quarter, ended March 31, a 12 percent gain year on year.
Sales were 34.64 trillion won, or $31 billion, for the quarter, a year-on-year gain of 21 percent.
In Samsung's digital media segment, where CE products are, sales were 12.61 trillion won, up 18 percent from the prior year's first quarter. For mobile phones, sales were 8.57 trillion won for the quarter, up 8 percent year on year.
In TVs Samsung reported sales of 8.4 million units in the first quarter, a 47 percent increase from the prior year's first quarter, and the company said it expects demand to grow in the double digits again in the second quarter as well as improved profitability.
Samsung sold 64.3 million mobile phones in the first quarter, up 40 percent from the year before, and predicted growing demand in the second quarter.
The biggest profits came from its memory chips, which had an operating profit of 1.96 trillion won in the quarter, a gain of 38 percent year on year, and a 57 percent increase in sales.