It’s good news for Samsung as the South Korean firm posted quarterly profits of an incredible $7.4 billion through July-September.

This is now the fourth consecutive quarter that the firm has posted record profits. The latest figures are up 91 percent on last year’s figures thanks to increasing sales of Samsung’s Galaxy range of smartphones and strong demand for its display panel units.

The firm revealed that sales of its flagship Galaxy SIII smartphone was the key driver in raising profit margins. Although the company did not state how many handsets it shipped during Q3 2012, Reuters put the number at around 58 million during the three-month period. Sales of the firm’s display panels were also up 19 percent on the previous year.

Despite the good news the company’s shares fell 2 percent in Seoul following the earnings announcement. Analysts said investors were worried that increased competition may result in firms having to lower their prices to attract buyers while spending more on their marketing campaigns, which would dent profits.

This does not seem to be worrying Samsung, however, which raked in more than half of its profits from its mobile communications business. The company believes that its Galaxy SIII and Galaxy Note II smartphones will help it sustain its earnings momentum into the final quarter of the year.

The company also revealed that it plans to act more aggressively to increase its share of the tablet market next year. “The tablet market is going through a very significant change. The release of mini tablets that are between the size of smartphones and standard tablets could open up a new growth area next year,” explained vice presidents Kim Hyun-joon and Robert Yi.

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