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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.

But 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.

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“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,” the company said on Friday.

Overall, the company's net profit surged 91 per cent to Won6.56tn ($5.9bn), while operating profit also jumped 91 per cent to Won8.12tn and sales increased 26 per cent to Won52.18tn.

Operating profit from the mobile division more than doubled to Won5.63tn in the quarter from Won2.42tn a year ago while Samsung’s display panel business also swung to an operating profit of Won1.09tn from a Won90bn loss a year earlier. But earnings from the semiconductor division fell 28 per cent to Won1.15tn.

Analysts expect earnings momentum to slow in coming quarters as Samsung is likely to cede some market share to Apple, which recently introduced the iPhone 5...