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Samsung Australia has seen profits plunge to $10.4 Million as retailers resort to rampant discounting in an effort to attract consumers.In their latest financial filings with the Australian Securities and Investment Commission, the Company reported April 2012 revenues had increased to $1.617 Billion for the period ending December 2011, from revenues of $1.544 Billion in the prior year.

Despite the increase in revenues, the Company has seen profits plunge from $21 Million to $10.4 Million due in part to the rampant discounting of AV and PC products.

The Company admits that a big contributor to their increase in sales has been the success of their Galaxy smartphones.

Last week Samsung announced a replacement to head their problematic IT division with the appointment of Todd Lynton, a former Cisco consumer products executive.

During the past year Samsung has had three managers heading this division, the prior manager Tony Ignatavicius left the Company suddenly in August.

Lynton has worked for Panasonic, Polaroid, Olympus and Cisco, as well as run a family business.

In the TV market, which is dominated by Samsung, the Company has come under pressure from a surging LG Electronics who claim that in the last 12 months they have witnessed growth of over 34% in the over 55″ TV market.

ChannelNews was unable to obtain a comment on their profit plunge for this story.

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