Samsung sees record profit on record sales

The Korean automaker re expecting their operating profit reach a record of 8.1 trillion won (5.607 million Euros) for the third quarter of its fiscal year, 91% more than a year ago, driven by the sales of its Galaxy Smartphones.

Samsung, who are the main rival of the technology giants Apple, announced a profit despite fighting a legal dispute with Apple over the use of patents.

The South Korean firm, valued at 197,000 million dollars (151.317 million Euros), estimated sales for the quarter from July to September in 52 trillion (3,596 million Euros), compared with forecasts of 51.7 billion (3,575,000
of Euros).

According to calculations by the consulting Daishin Securities, Samsung may have sold 57.1 million Smartphones during the third quarter, surpassing the 50.5 million units sold in the previous three months and setting a new
record in the sector.

"The third quarter may be the peak in terms of earnings. The fourth-quarter operating profit is expected to decrease 7.8% on quarter to 7.2 trillion won as slower profit at its telecom unit seems inevitable because of an
increase in marketing expenses," an analyst at the security firm was quoted as saying.

"Stronger than expected sales of Galaxy S3 and high-end television models appear to have propelled strong earnings growth in the third quarter. Fourth-quarter earnings will depend on how much Samsung will (set aside)
provisions for possible fines relating to a lawsuit with Apple.” James Song from KDB Daewoo Securities concluded.

In fact, Samsung itself reported on 6 September that sales of its new device ‘Galaxy S III’ exceeded 20 million units in just 100 days after its release.

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Posted by Farasat Ali on Oct 22 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry