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  HOME | Business & Economy (Click here for more)

Samsung Reports $9.89 Billion Profit in Q3, 245% Rise

SEOUL – South Korean tech giant Samsung Electronics achieved a net profit in the third quarter of 11.1 trillion won ($9.89 billion), a 245 percent increase from a year earlier, boosted above all by the strong returns from its chip business, the company reported on Tuesday.

Its operating profit in the July-September period reached 14.53 trillion won, representing a 279.4 percent increase, the company said in a statement.

Sales also rose by 29.7 percent to stand at a record high of 62 trillion won, according to the figure released by the Suwon-based company, in the south of Seoul.

Both the operating profit and the sales revenue of the electronics giant are in line with its forecasts published on Oct. 13.

The semiconductor business was again its brightest sector in the third quarter, with a record operating profit of 9.96 trillion won, which is almost three times as much as a year ago thanks to rising seasonal demand and the price increase of its products.

The company also reported that the IT and Mobile Communications division, which includes smartphones, posted an operating profit of 3.29 trillion won.

This is 3,000 percent more compared to the dire figure in last year’s third quarter, when the company found itself in a full fiasco caused by its Galaxy Note 7, whose production was eventually suspended due to repeated cases of battery defects which caused the device to overheat and combust or explode.

Even so, and despite the excellent reception of its new Galaxy Note 8, the figure is 19 percent lower than that of the previous quarter due to the unfavorable demand for its mid- and low-end models in the last three months.

The company also announced on Tuesday that, given its continued record yields, it will increase the annual dividend to be distributed this year by 20 percent from the current volume to approximately 4.8 trillion won.

That amount will double to 9.6 trillion won in 2018, 2019 and 2020 according to the company.

 

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