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Samsung forecasts 53% rise in quarterly profit

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Samsung is forecasting a sharp rise in profits for the first three months of 2013, largely due to the strength of its smartphone business.

The Korean tech giant expects to make 8.7 trillion won (£5 billion) during the period in question, a year-on-year increase of 53%.

People eagerly check out the Galaxy S4 after its launch at Radio City Music Hall

© Getty Images / Don Emmert/AFP

People eagerly check out the new Galaxy S4



Industry analysts are predicting that Samsung's profits will continue to climb following the release of its flagship Galaxy S4 smartphone later this month.

The Android device, which features innovative software features including eye-tracking technology and a raft of smart camera features, is viewed as a significant threat to Apple's iPhone line.

"We expect some 22 million Galaxy S4 smartphones to be sold in the second quarter alone," BBC News quotes Korea Investment & Securities analyst Seo Won-seok as saying.

Samsung will declare its latest fiscal results on April 26.

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