techkenyot.com
techkenyot.com October 17, 2017


Samsung predicts another record-high quarterly profit

13 October 2017, 04:49 | Edward Lowe

Samsung Electronics' Galaxy Note 8 are seen on display at its store in Seoul South Korea

Samsung Electronics' Galaxy Note 8 are seen on display at its store in Seoul South Korea

Samsung forecasts operating profits of 14.5 trillion won for the third quarter of this year, it says in its preliminary earning guidance, which is its highest to date. That was slightly higher than the 14.3 trillion won forecast by analysts polled by Bloomberg and marked a new record for the company, which reported a 14.1 trillion won operating profit in the second quarter. Sales jumped 30 percent to 62 trillion won ($54.7 billion).

Analysts said Samsung's chip business may have posted an operating profit of 10 trillion won in the third quarter, along with sales of 20 trillion won, putting the operating margin at above 50 percent.

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They expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the world's largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers. Samsung's shares fell less than 1 percent in Seoul on Friday after the results were released.

Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.

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Still, the company's chips business has remained robust, helped by strong demand for memory chips. Analysts said Samsung's strong earnings are attributable to increased shipments of chips.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management.

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Its de facto chief, Lee Jae-yong, a vice chairman at the company and the only son of its ailing chairman, was convicted in August and sentenced to five years in prison for crimes related to the corruption scandal that took down South Korea's president. Samsung Electronics, of which he is a vice chairman and board member, is the crown jewel of a conglomerate comprised of about 60 units selling selling life insurance, cargo ships and clothes.



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