Samsung points to 48% quarterly profit surge

07 April, 2017, 08:16 | Author: Leticia Walters

Samsung said its first-quarter sales rose only modestly, to 50 trillion won.

That would be the second-highest quarterly operating profit for Samsung, after a high of 10.1 trillion won in the third quarter of 2013, the Yonhap news agency reported. Its sales stayed almost flat at 50 trillion won ($44 billion) during the first quarter.

The stable flow of components profits comes as Samsung's de facto leader, Lee Jae-yong, stands trial beginning Friday over his alleged role in a bribery scandal roiling South Korea. Mr.

Samsung's ready to claw its way back from the Galaxy Note 7 disaster. Those two businesses accounted for about 68% of Samsung's overall operating profit during the final three months of 2016, a reversal from previous years when smartphones were the largest contributor to earnings.

The costly Galaxy Note7 debacle, which led to the recall of about 3 million smartphones because of overheating batteries, seems to be behind Samsung Electronics, with the company forecasting a 48 percent growth in operating profit in the first quarter.

Shares in the company were down over one percent in morning trade on profit-taking.

"In the course of providing bribes, Lee Jae-Yong embezzled company money, illegally diverted domestic assets overseas, hid illegally-earned incomes and committed perjury at parliament", the prosecutor said.

IBK Securities Co. Lee Seung-Woo said Samsung?s earnings will further improve down the road as its revamped Galaxy S8 smartphone hits the market this month.

Revenue likely rose 0.4 per cent from a year earlier to 50 trillion won, Samsung said.

Sales of OLED display panels for mobile devices will also remain strong, keeping Samsung's bottom line solid, they said.


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