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

13 October 2017

Samsung raked in 8.03 trillion won from the chip business in the April-June period in operating profit, along with 4.06 trillion won from the mobile arm.

The company estimated operating profits of 14.5 trillion won ($12.8 billion) in the July-September period, an all-time record for quarterly profit and almost triple the 5.2 trillion won earned a year earlier.

Operating profit was estimated at 14.5 trillion won (US$12.8 billion), compared with 5.2 trillion won tallied a year earlier, the company said in a regulatory filing. Samsung, based in Suwon, South Korea, supplies the chips for smartphone makers as well as data center operators. Analysts have tipped its chip division to propel the firm to record overall profit.

The operating profit was broadly in line with market consensus. Final numbers are usually released two weeks later.

Shares of Samsung Electronics traded at 2,722,000 won as of 9:30 a.m., down 0.66 percent from the previous session. They have climbed more than 50 percent this year. The company may benefit if Apple is unable to deliver a high volume of iPhone X smartphones as planned this year.

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Sales of its display business, mostly from its high-end, small-sized flexible OLED screens, which it sells to rival Apple, are also a likely contributor.

It is the world's largest vendor of memory chips, both in DRAM and NAND. Analysts said Samsung's strong earnings are attributable to increased shipments of chips. The appeals cases of Lee and four other convicted Samsung executives began Thursday.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management.

The trial is part of a bigger corruption scandal that brought down South Korea's president and transfixed the nation as Lee received a five-year sentence.

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