Samsung Electronics announced third quarter results which exceeded its own guidance issued earlier this month, attributing an “all time high” consolidated operating profit to “increased sales of mobile phones and stronger demand for display panels”.

Its Mobile Communications Business, which includes its handset activities, posted revenue of KRW 26.25 trillion (US$23.91 billion), accounting for more than half of group sales.

The South Korean giant said that its "flagship Galaxy S III smartphone, along with diverse smart device offerings which encompass high-to-low-end products, have been the key drivers in raising profit margins”. It also said that improvements in the product mix also led to more competitive ASPs.

As usual, the company did not provide shipment volume figures. It said that smartphone shipments “increased significantly due to global expansion of Galaxy S III and reinforced line-ups of mid/low-end products,” while feature phone volumes “increased slightly quarter-on-quarter led by seasonal effects”.

The company also said that third quarter orders for Galaxy Tab variants were strong, as well as the Galaxy Note 10.1.

Samsung also noted that sales of LTE infrastructure equipment picked up during the period, but tougher price competition has “dampened profit margins”.

The company said: “Looking ahead, for the remaining quarter, year-end seasonality will push up demand for mobile devices including tablet PCs, as new products make their way into markets with more competitive pricing.”

It plans to “further cement” its leadership in smartphones “with premium products, including Galaxy S III, and by ramping up sales of Galaxy Note II”.

On a group level, the company announced a net profit of KRW6.56 trillion, up 91 percent year-on-year, on revenue of KRW52.18 trillion, up 26 percent year-on-year. Operating profit of KRW8.12 trillion was up 91 percent.