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

Samsung tips huge jump in profit as heir to stand trial

Samsung tips huge jump in profit as heir to stand trial

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

  • Belgium probes Mosul air strikes that killed civilians

    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.
    Body of trailblazing judge washes up on NYC's shore

    Body of trailblazing judge washes up on NYC's shore

    She studied law at Columbia University , where she and former United States Attorney General Eric Holder were contemporaries. Abdus-Salaam's death came the same week a prominent Chicago judge was killed outside his home Monday.
  • Arkansas encounters two new legal hurdles in execution plans

    Arkansas encounters two new legal hurdles in execution plans

    Lawyers for the death-row inmates had argued that the accelerated schedule did not give them enough time to prepare their appeals. She said the relatives of victims have waited for years to see executions, but, "by this order, that day is delayed again".
    April the Giraffe has given birth to new calf

    April the Giraffe has given birth to new calf

    Millions around the world have watched the YouTube stream since it began in late February, launching April into internet stardom. The private NY zoo whose pregnant giraffe became an internet sensation says April the giraffe's newborn calf is a male.
    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.
  • North Korean medium-range missile test fails, USA says

    One of Kim's top officials, Choe Ryong Hae, today vowed North Korea would "beat down enemies with the power of nuclear justice". The adviser is traveling with Vice President Mike Pence, who arrived in Seoul in the afternoon to start a 10-day trip to Asia.

    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.
    Carrie Fisher Won't Appear in 'Star Wars: Episode IX,' Lucasfilm Says

    Carrie Fisher Won't Appear in 'Star Wars: Episode IX,' Lucasfilm Says

    When the people in the actual movies are commenting on the state of your games, you know it's time to correct it. This film follows the stories of Rey, storm trooper-tuned-good-guy Finn played by John Boyega and pilot Dameron.
  • NBA playoff openers include Harden-Westbrook battle

    NBA playoff openers include Harden-Westbrook battle

    All of these campaigns are worthy, but Thomas knows that the Celtics have more things to worry about than winning an MVP trophy. Harden said after that season, the Rockets needed upgrades to the roster and started his offseason training earlier than usual.
    N Korea 'fails' to launch missile

    N Korea 'fails' to launch missile

    The US Pacific Command said it tracked a missile launch on Sunday night and said the missile blew up nearly immediately. There has been no confirmation as yet of the launch attempt from North Korea, according to CNN .
    Missing After Asylum Seeker Boat Sinks

    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.

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.