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Samsung's profit soars after recovery from Note7 debacle

08 April, 2017, 09:50 | Author: Nadine Todd

The global memory chip leader said first-quarter operating profit was likely 9.9 trillion won (RM39.02 billion), compared with an average forecast of 9.4 trillion won from a Thomson Reuters survey of 18 analysts.

Samsung's consolidated sales are expected to be around 50 trillion won (~$44.09 billion), with operating profits at 9.9 trillion won (~$8.73 billion).

That would be its best quarterly profit in nearly four years and shows a recovery from the Galaxy Note 7 fiasco.

Lee Jae-yong, 48, a vice chairman at Samsung Electronics and the only son of its chairman, was arrested and indicted in February on bribery, embezzlement and three other charges that could entail at least five years in prison if he is proven guilty.

The company's de-facto leader, Lee Jae-yong, made his first appearance in court at his trial on corruption charges Friday.

"The essence of this case is, simply put, the chronic and typical collusion between government and business in our society", special prosecutor Park Young-soo, who spearheaded the pre-trial investigation into Samsung and Lee, said as the hearing began.

LG did not elaborate on its earnings estimates and will provide detailed financial results at end-April.

Both Samsung and LG, meanwhile, are anticipated to post healthier performances for the second quarter, helped by the full-fledged sales of their respective flagship smartphones. Samsung succeeded in the commercial production of DRAM chips on 10-nanometer class technology for the first time in the industry and began mass-producing 8-gigabit double-data-rate 4 (DDR4) DRAM chips on 10-nanometer (nm) process previous year.

It led to the suspension of President Park Geun-hye for allegedly receiving bribes.

A woman walks by an advertisement of the Samsung Electronics Galaxy S8 and S8+ smartphone in Seoul, South Korea, Friday, April 7, 2017.

Clad in a white shirt and grey suit, Lee, himself the vice-chairman of Samsung Electronics, was mostly expressionless.

Growing demand for more firepower from devices such as smartphones and servers have also helped push up margins for Samsung and its rivals in recent quarters.

"The Galaxy S8 is our testament to regaining your trust by redefining what's possible in safety, and marks a new milestone in Samsung's smartphone legacy", said DJ Koh, president of mobile at the company. The figure is Samsung's second-highest ever, behind only the record 10.16 trillion won operating profit it logged for July-September 2013.

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