Samsung tips 48 percent jump in 1Q profit

Janie Parker
April 10, 2017

The hefty profits highlight Samsung's resilience after the embarrassing recall of its fire-prone Note 7 smartphone previous year.

The stable flow of components profits comes as Samsung's de facto leader, Lee Jae-yong, stands trial beginning Friday over his alleged role in a bribery scandal roiling South Korea. Mr.

Its January-March operating income will be 9.9 trillion won ($8.8 billion), compared with 6.7 trillion won a year earlier, the South Korean company said in its earnings preview.

Revenue for the quarter likely rose 9.7 percent to 14.7 trillion won, the firm said.

Samsung also predicted consolidated sales of about 50 trillion won for the first quarter, according to the company's Friday guidance.

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The third-generation leader of South Korea's top conglomerate was mostly silent at his first court appearance in what has been called the "trial of the century", as his lawyers labored to portray him as an innocent bystander in a graft scandal.

Lee, who was arrested in February, has been charged with offering almost $40 million to the now-impeached president and her close friend Choi Soon-Sil, allegedly as bribes to secure policy favours.

Samsung has denied any wrongdoing and Lee, who was arrested in February, has pleaded not guilty. Prosecutors allege the money was given to obtain government backing for a contentious merger of two Samsung companies in 2015 that served as a key step in passing corporate control to Lee from his ailing father.

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. Analysts said strong demand for mobile chips and displays for smartphones fueled stellar profit.

Samsung is due to give more details of its financial results later this month. ― Reuters picSEOUL, April 7 ― Samsung Electronics Co Ltd forecast today its best quarterly profit in more than three years in the January-March period, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle. Samsung unveiled its latest flagship last month and the device will officially go on sale globally, including Canada, on April 21st. The S8 was its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.

Other reports by TheDailyFarc

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