Samsung posts record Q3 net profit of $5.9 bln

London - South Korea's Samsung Electronics has reported record profits in the three months to September, powered by strong smartphone sales.

Net profit was 5.9 billion dollars, a 91 percent jump from a year earlier.

According to the BBC, strong demand and improved profitability at its display panel unit also boosted earnings.

While Samsung has enjoyed tremendous success with its Galaxy range of smartphones, other manufacturers have been releasing new models, crowding the market space.

According to the report, analysts said that increased competition means that firms may have to lower their prices to attract buyers as well as spend more on their marketing campaigns, which will dent their profit margins.