Operating profit at Samsung Electronics IT and mobile business - overwhelmingly constituted by smartphone earnings - bounced back in the first quarter from its lows in late 2014, although it still suffered a steep year-on-year decline.

The division's operating profit for the period was Won2.74tn ($2.57bn), Samsung said on Wednesday - less than half the Won6.43tn figure in the same period last year, but up from Won1.96tn in the previous quarter writes the FT's Simon mundy in Seoul.

Samsung's smartphone profits collapsed in the second half of last year as it lost share of the key Chinese market to low-cost locally based competitors. Most analysts rule out Samsung's returning to the prior profit levels, but are watching for signs of a recovery as the South Korean group rolls out the new flagship Galaxy S6 phone and a new line of low and mid-end smartphones.