Samsung's profits seem to be eclipsing the economic downturn shadow as customers continue to flock, waiting to get their hands on the Galaxy S3. With strong smartphone sales powering Samsung, the company posted a record net profit of 5.19 trillion Korean won ($4.53 billion) in Q2 2012, which is a 48 percent jump from Q2 2011.

On Friday, July 27, Samsung reported that its net profit was up 48 percent to 5.19 trillion Korean won from Q2 2011. The results are a stark contrast to Apple's meagre 21 percent rise in profit.

Additionally, the company's revenue was up 21 percent to 47.6 trillion Korean won. The consolidated operating profit touched a record 6.72 trillion Korean won, a 79 percent year-on-year increase!

Samsung is the undisputed leader when it comes to mobile phone shipment. According to research firms IDC and Strategy Analytics, Samsung's shipments of smartphones in Q2 2012 were nearly double than that of closest rival Apple. In Q2 2012, Samsung shipped 50.5 million smartphones (compared to Apple's 26 million), which is more than double of its Q2 2011 figures and the largest number by any vendor in a single quarter!

Moreover, according to both IDC and Strategy Analytics, Samsung also surpassed Nokia as the largest vendor of mobile handsets.

Strategy Analytics also noted that "Samsung has been able to deliver hit models in most major price segments". No surprise then that its mobile phone business was the highest performer generating revenue of 20.52 trillion Korean won, up by 75 percent year-on-year.

According to the Guardian, Samsung's "mobile business that made the Galaxy S3 smartphone was responsible for more than 60% of its operating profit".

Y.B.Oh, an analyst with Hanmag Securities opined that "The mobile division, which alone will see an operating profit of 4.8 trillion won in the third quarter, was helped by sales of the Galaxy S III smartphone, and it will lead the firm's overall growth."

The statement reiterates that the robust smartphone sales were largely influenced by the Galaxy S3's popularity. The Galaxy S3 had recently asserted its dominance by breezing past the 10 million units' sales mark.

The global economic slowdown notwithstanding, Samsung said that its profit and revenue in the mobile sector saw a growth primarily due to improvements in product mix and increase in smartphone sales.

The company also averred that it has seen "solid sales" of its Galaxy Note. Keeping with current industry trends, Samsung said that its feature phone shipments decreased from the previous quarter.

Samsung's consumer electronics revenue saw a 7 percent growth and the display panel business rose 16 percent. However, its semiconductor revenue dropped 6 percent over the same quarter last year.

In a statement released by Samsung, senior VP Robert Yi didn't take things for granted and said "As we move into the second half, continued fiscal instability in Europe and its effect on the global economy will result in the possibility of a slower than expected recovery and intensified market competition."

The Galaxy S3 is proving to be Samsung's proverbial lucky charm. With several patent and "stability update" issues hounding the Korean tech biggies, the profits come as a much-needed reprieve. Samsung can now sing its way to the banks courtesy its iPhone 5 killer!