Samsung Electronics posts double-digit growth in Q3 profit

Seoul, Oct 29 (IANS) Samsung Electronics posted a double-digit growth in the third-quarter operating profit thanks to a record high quarterly profit in the chip-making business, the company said on Thursday.

Consolidated operating profit of the world’s largest maker of smartphones, memory chips and TVs reached 7.39 trillion won ($6.48 billion) during the July-September period, up 82.08 percent from the same period of last year, Xinhua reported.

It was up 7.18 percent from the previous three-month period.

This topped market expectations of about 6.5 trillion won, and slightly exceeded the company’s preliminary earnings guidance of 7.3 trillion won.

After bottoming at 4.06 trillion in the third quarter of 2014, the profit kept growing to 5.98 trillion won in the first quarter and 6.9 trillion won in the second quarter this year.

Revenue amounted to 51.68 trillion won in the third quarter, up 8.93 percent from a year earlier and 6.48 percent from the previous quarter.

Net income advanced 29.28 percent from a year earlier to 5.46 trillion won in the third quarter.

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