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Samsung heir denies bribery charges at hearing

20 April, 2017, 13:57 | Author: Nadine Todd

According to Samsung, operating profit for the first three months of this year is estimated at 9.9 trillion won ($8.7 billion), up 48 percent from a year earlier.

Others said that with the Note 7 game, the Samsung Galaxy S8 Plus felt like a good replacement.

Although Samsung was left reeling by the Galaxy Note 7's exploding battery fiasco previous year, the company's mobile division contributed around 2 trillion won ($1.76 billion), thanks to strong sales of its Galaxy S7 series. Samsung smartphone sales fell in the third quarter of 2016 by 14.2 percent year over year, making it the company's worst performance ever.

Lee Jae-yong, the de facto leader of Samsung Group on Friday denied bribery allegations in his first court hearing held in relation to a massive corruption scandal that ousted President Park Geun-hye.

Samsung's sales are reported to account for up to one-fifth of South Korea's GDP. "It will give a big boost to Samsung's earnings from the second quarter", analyst from IBK Securities, Lee Seung-woo told the Financial Times.

Samsung Electronics has reported a 48% jump in profits during the first three months of 2017, despite challenges around the failure of its Galaxy Note 7 handset past year.

Song said Samsung was unaware of Park's friend, Choi Soon-sil, until after the scandal over their relationship and allegations of influence-peddling surfaced late a year ago.

Meanwhile, Analysts also predicts Samsung will soar up its operating profits to KRW (Korean Won) 50 trillion by the end of this year which is roughly $44 billion. Previously, the smartphone business was the company's main contributor.

Samsung intends to announce its first-quarter net profit and sales by unit when it releases revised earnings later in April.

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 global recall of Samsung Galaxy Note 7 actually hammered Samsung with a loss of about $17 billion. The S8 is a bezel-less smartphone with Infinity Display.

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