Samsung expecting record profit

Samsung Electronics is expecting a record operating profit of €5.1bn (€3.9bn) for the first quarter of this year.

The Suwon, South Korea-based company said today the result would be a 97% rise from its operating profit a year earlier.

Samsung did not provide details but the company’s smartphone and TV businesses have reportedly had strong sales growth in recent months.

Samsung estimated that its first quarter sales rose 21.6% from a year earlier.

The company said its estimates are a guide for investors and should not be seen as an actual earnings report.

Samsung is the world’s biggest manufacturer of memory chips and liquid crystal displays.