Samsung Electronics, the world’s largest technology company by sales, reported record net profit for the third quarter as booming sales of its smartphones and flat panels offset slowing demand for memory chips.

However, the South Korean company expects competition to intensify in the current quarter amid the global economic slowdown, although strong demand in the run-up to the Christmas period is expected to boost demand for mobile devices.

Overall the company’s net profit surged 91 per cent to Won6.56tn ($5.9bn), while operating profit jumped 91 per cent to Won8.12tn and sales increased 26 per cent to Won52.18tn. – Copyright The Financial Times Limited 2012