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Samsung Electronics logs near-record profit in Q1

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Staff Writer |
Samsung Electronics
Samsung   8.7 billion in the first quarter

Samsung Electronics logged a near-record operating profit in the January-March quarter.

Samsung's operating profit reached 9.9 trillion won ($8.7 billion) in the first quarter, the second-biggest quarterly profit in the company's history, a regulatory filing showed.

It was up a whopping 48.2 percent from a year earlier. From the previous quarter, the profit gained 7.38 percent.

The first-quarter profit beat market consensus of about 9.4 trillion won. Expectations for the second-quarter profit are running high on the release of its new flagship smartphone Galaxy S8.

The discontinuation of the fire-prone Galaxy Note 7 smartphone in October last year weakened Samsung's mobile phone business in recent months, but the company seemed to have overcome the debacle.

The first-quarter revenue was 50 trillion won, up 0.44 percent from a year earlier. Compared with the prior quarter, the revenue was down 6.24 percent.

Indicating Samsung's improved profitability, the ratio of operating profit to revenue came in at 19.8 percent in the quarter, up 6.5 percentage points from a year earlier.

Net income and detailed profits in each business units would be unveiled later this month.

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