Arab Today, arab today samsung posts record q3 net profit of 597 bln
Last Updated : GMT 11:49:33
Arab Today, arab today
Arab Today, arab today

Samsung posts record Q3 net profit of $5.97 bln

Arab Today, arab today

Arab Today, arab today Samsung posts record Q3 net profit of $5.97 bln

Seoul - AFP

South Korea\'s Samsung Electronics on Friday posted a record net profit of 6.6 trillion won ($5.97 billion) for the third quarter, powered by strong smartphone sales and improved demand for display panels. The world\'s largest technology firm by revenue also recorded a record operating profit in July-September of 8.12 trillion won, up 91 percent from the same period last year. Samsung said its mobile communications business took in 26.25 trillion won in revenue for the quarter, accounting for more than half the company\'s total. \"The business environment remained difficult with global economic uncertainties persisting amid the fiscal concerns in the US and Europe,\" said Samsung Senior Vice President Robert Yi. \"However, we continued to break our quarterly profit records,\" Yi said. The third quarter figure beat the previous net profit record of 5.19 trillion won set in April-June. Analysts expect the technology giant to see a marginal fall in income in the final quarter, as sales to retailers peak in the third quarter ahead of the holiday season and technology companies ramp up spending on marketing for the year-end rush. However, they said Samsung\'s telecommunications business will continue to drive profit with its latest offerings of high-end mobile products, such as its flagship Galaxy S III smartphone. \"We expect Samsung will deliver solid earnings growth with product leadership in the consumer branded business, smartphone and TV, and enhanced bargaining power in the component business, semiconductor and display panel,\" Citi said in a report. Samsung shares were down 1.4 percent at 1.304 million won in morning trade on profit taking, brokers said. Samsung\'s operating profits have risen every quarter since the first three months of 2011, as booming smartphone sales helped it leapfrog Apple as the world\'s biggest maker of the devices. But its shares have been under pressure due to the legal spat with the iPhone manufacturer. Samsung was dealt a blow in late August when a US federal jury ruled that the Korean giant infringed some of Apple\'s design and software patents and fined it more than $1 billion. Samsung has appealed the ruling. The legal duel, being fought in some 10 countries, has mirrored an intense market battle between the Galaxy S III, released in June, and Apple\'s iPhone 5, launched last month. The South Korean firm also launched the Galaxy Note II -- the latest version of its oversized smartphone -- at the end of September. Galaxy S III shipments have been estimated at 18 million units for the third quarter, while smartphone and overall mobile device shipments are projected at 59 million and 106 million units respectively. -- Dow Jones Newswires contributed to this report --

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