Samsung Elec's Q1 OP near $9 bn on strong chip sales

LG Electronics Inc. said Friday its first-quarter operating profit is estimated at 922 billion won ($812.3 million), a market forecast-beating figure, apparently helped by robust sales of premium electronics coupled with reduced losses from the smartphone business.

The merger between Samsung C&T and Cheil Industries was extremely important to the Samsung heir apparent to inherit management control from his ailing father Chairman Lee Kun-hee who has been hospitalized for nearly three years. This estimate is quite a rise from 6.68 trillion won (roughly $5.9 billion) overall operating profit Samsung reported in Q1 2016. The refurbished variant of last year's Galaxy Note 7 will carry the model number SM-N935 and it will arrive to a number of markets, but not the US.

Prosecutors believe the 48-year-old billionaire and his aides used Samsung corporate funds to bribe former President Park Geun-hye and her close confidante in exchange for supporting a smooth leadership transition at Samsung.

The good news for Samsung comes even in the wake of the explosive Galaxy Note 7 handsets and a political bribery and corruption scandal which is now on-going in South Korea.

Samsung has denied any wrongdoing and Lee, who was arrested in February, has pleaded not guilty.

With the pre-order for the Samsung Galaxy S8 already underway, one of its highly-anticipated accessories also became available via the same route. Now, the company has launched the second phone in the C series, the Galaxy C7 Pro which is just 7mm slim and has a full metal body design.

That would be its biggest Q1 profit ever, coming close to its overall profit record set in Q3 2013 and representing a almost 50 per cent increase on the same period a year ago when Samsung made 6.68 trillion won.

Now, the company's future earnings rely heavily on the success of its flagship duo Galaxy S8 and Galaxy S8 Plus, which will hit the shelves sometime in April.

Revenue likely rose 0.4 percent from a year earlier to 50 trillion won, Samsung said. The upgraded version of the Galaxy S8 Plus might go on sale outside those two countries as well.

Recommended News

  • India on diplomatic offensive to save Kulbhushan Jadhav

    However, sources said that consular access will not be provided for the subversive activities he carried out as an agent of RAW. The FGCM earlier this week found Yadav guilty on two counts of espionage and sentenced him to death.
    Cyclone Cook to affect most of NZ, landfall likely Thursday

    Cyclone Cook to affect most of NZ, landfall likely Thursday

    Hundreds of homes in Bay of Plenty were without power, with more than 800 properties in Tauranga affected and 170 more in Waihi. The South Pacific island's met service has warned people to "batten down the hatches" with Cyclone Cook set to hit on Thursday.
    Trump Flips: Now friends with China and Enemies with Russian Federation

    Trump Flips: Now friends with China and Enemies with Russian Federation

    In doing so, Trump is departing from some of the radical changes he promised, and moving toward the positions of his predecessors. The flip-flop capped off a 24-hour period of freaky reversals on positions Trump held throughout the 2016 presidential campaign.
  • Apple granted self-driving test permit

    The largest U.S. automaker made the announcement Thursday, amid a race in the industry on autonomous vehicle research. Now it appears that Apple are shortly to reveal what it has been up to in relation to automotive-related projects.
    Clashes erupt as pro- and anti-Trump rallies converge in Berkeley, California

    Clashes erupt as pro- and anti-Trump rallies converge in Berkeley, California

    Many Trump supporters already in MLK Civic Park with helmets and vests ahead of anticipated pro- and anti- Trump protests. Between 500 and 1,000 people were in park as the rallies peaked, according to an estimate by a Reuters reporter.

    LeBron to miss Cavaliers' last regular season game

    The morale was always up having him around. "Anybody can be great in the form of comfort", said James, 3-0 vs. Thompson played the game with a brace on his thumb that he will have to wear in the playoffs.
  • Belgium probes Mosul air strikes that killed civilians

    Another 43 reports of civilian deaths - 23 from Iraq and 20 from Syria - are being assessed, the coalition said. The TV described Jumaili as Daesh's "second-in-command" and "war minister".
    Russia: 'Too Early Yet' to Know Whether Ties with US Will Improve

    Russia: 'Too Early Yet' to Know Whether Ties with US Will Improve

    Peskov also said Putin had given Tillerson his views on the situation in Syria, and how it was likely to develop. Tillerson met Putin in the Kremlin after talking to his Russian counterpart Lavrov for three hours.

    Missing After Asylum Seeker Boat Sinks

    The UN said in January more than 5,000 migrants died attempting to cross the Mediterranean Sea into Europe in 2016, a record high. Libya serves as a popular starting point for migrants, mostly from countries in sub-Saharan Africa, to try to reach Europe.
  • U.S.  says chemical weapons attack in Syria was 'war crime'

    U.S. says chemical weapons attack in Syria was 'war crime'

    Ambassador Nikki Haley told the council, "We want to work with Russian Federation to advance a political process in Syria". Tillerson reiterated the U.S. position that Assad must eventually relinquish power in Syria .
    German police arrest suspect with 'Islamist links' in Dortmund attack

    German police arrest suspect with 'Islamist links' in Dortmund attack

    But of course, I think they would understand if you say: "'OK, we don't play it, we find a solution next week, '" Klopp added. German police had increased security in the city and investigators detained an Islamist suspect after the attack.

    Russia, Iran and Syria warn US against new strikes

    Lavrov said the investigation should also be widened to include experts from many nations. And the USA said Russian Federation and Iran should both get out of the region.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.