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  HOME | Business & Economy (Click here for more)

Samsung Expects Record-High Operating Profit in Q3, Up 279%

SEOUL – South Korea’s tech giant Samsung Electronics said on Friday that it expected the third-quarter operating profit of about 14.5 trillion won ($12.787 billion), up 279 percent from the same quarter of 2016, according to the figure cited by Yonhap.

The figure would be a new record high for Samsung’s operating profit in the third quarter, starting from July until September.

The Suwon-based company also estimated that its turnover would surge by 29.65 percent to 62 trillion won ($ 54.7 billion) over the same quarter of the previous year.

Samsung’s operating profit fell within the range expected by most analysts, who were expecting it to triple and hit the new record.

Samsung, however, did not reveal its calculations for net profit in its forecast report and disclose the performance estimates by business divisions.

Chip business is expected to have been the main reason to the successful turnover of the company, which is already above the estimates of the US-based company, Apple Inc.

Analysts believed that sales of NAND and DRAM chips would increase again during this quarter due to huge demand, which in turn caused its prices to rise by about 5 percent in some cases.

The company’s successful new mobile phones, Galaxy S8 and Galaxy Note 8, were also among the factors boosting the company’s third-quarter performance.

The South Korean tech giant is due to present its financial results for July-September at the end of October.

 

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