Samsung expects record profit in third quarter

Samsung expects record profit in third quarter

Brisk sales of the latest Galaxy Note 8 smartphone, launched in mid-September, lifted mobile profit as Samsung recovered from last year's costly withdrawal of the fire-prone Note 7 device, analysts said.

The Note 8 received 850,000 pre-orders in South Korea, the highest ever for the series.

Samsung Electronics Co. said Friday its third-quarter profit likely surged almost three-fold over a year earlier to a new record, putting it on track to report its best annual results at a time when its leader and former executives are fighting corruption convictions.

The company estimated operating profits of 14.5 trillion won ($12.8 billion) in the July-September period, a record for quarterly profit and almost three times the 5.2 trillion won earned a year earlier. Analysts estimated 14.3 trillion won in operating profit, according to financial data provider FactSet. The guidance, released today ahead of full earnings later this month, did not provide specific divisional results.

Analysts said Samsung's chip business may have posted an operating profit of 10 trillion won in the third quarter, along with sales of 20 trillion won, putting the operating margin at above 50 percent.

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Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) has expected another record quarterly operating earnings on booming demand for displays and memory chips.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye's secret confidante Choi Soon-Sil, is appealing his 5-year sentence and says he is innocent.

Analysts forecast Samsung's 2017 net income almost doubled from 2016 and say the best is yet to come.

Mirae Asset Daewoo Securities added the consumer electronics division will experience growth on the back of strong seasonal demand.

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