Samsung Expects Record Q3 Operating Profit

Samsung Electronics Galaxy Note 8 is displayed in Seoul South Korea. Samsung Electronics says Friday Oct. 13 2017 its third quarter profit likely surged nearly three folds over a year earlier to a new record hig

Tech giant Samsung Electronics Co Ltd estimated on Friday its third-quarter operating profit almost tripled from a year earlier, beating expectations as strong memory chip prices likely padded margins.

The South Korean tech giant's new record is a rise of 178.85 percent from last year, when profits were at a three year low of 5.2 trillion won due to the Galaxy Note 7 debacle.

Sales are estimated to have surged 29.65 percent on-year to 62 trillion won.

The operating profit figure came in line with the market's consensus of 14.3 trillion won, compiled by Yonhap Infomax, the financial arm of Yonhap News Agency on 21 local brokerage houses.

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

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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.

It is the world's largest vendor of memory chips, both in DRAM and NAND.

Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report.

Its de facto chief, Lee Jae-yong, a vice chairman at the company and the only son of its ailing chairman, was convicted in August and sentenced to five years in prison for crimes related to the corruption scandal that took down South Korea's president.

Samsung did not give its forecast on its net profit.

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