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Samsung Elec says Q3 operating profit likely almost tripled from yr ago

13 October, 2017, 06:07 | Author: Jeff Stephens
  • Kwon Oh Hyun

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.

Samsung also said it expects to see record third quarter revenues of 62 trillion won (5.4 billion), which is up 29.7 percent from one year ago.

That estimate beat a Reuters average forecast of 14.3 trillion Korean won in operating profits. So strong is this demand that Samsung, the world's leading flash memory maker, has been able to secure both high prices and high volumes for its flash products, with some analysts estimating a profit margin of nearly 50 percent.

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The operating profit figure came in line with the market's consensus of 14.3 trillion won, compiled by Yonhap Infomax, the financial arm of Yonhap News Agency on 21 local brokerage houses.

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. The company said it will announced its final third quarter results later this month.

Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co. said in a report that the release of new models, including the iPhone X by rival Apple Inc. could weigh on the mobile business, but it will at the same time help Samsung's parts business.

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Kwon, 64, has served as a vice chairman at Samsung Electronics since 2012.

Industry watchers, meanwhile, said the absence of Samsung's top leaders cast a cloud over the company's long-term strategy.

Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong. Lee was convicted of corruption and sentenced to five years in prison in August.

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Samsung's stock price briefly hit a record of 2.74 million won per share on Thursday, before rolling back slightly to 2.72 million won per share at the time of publication.

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