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Samsung reports record $8.76 bn quarterly operating profit

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Seoul, 7 April 2017 : Despite Galaxy Note 7 fiasco and a corruption scandal involving top brass, Samsung Electronics Co on Friday predicted that its first-quarter operating profit for this year advanced 48.2 percent on-year.

Apparently helped by the robust performance of its chip business, the company’s operating profit is estimated at 9.9 trillion won ($8.76 billion) in the January-March period, compared with 6.68 trillion won posted a year earlier, the South Korean tech giant said in its regulatory filing.

It marks the second-highest quarterly operating profit ever posted by Samsung Electronics. The current record was set in the third quarter of 2013, when Samsung’s operating profit hit 10.1 trillion won, Yonhup news agency reported.

Samsung’s sales over the cited period edged up 0.44 percent to 50 trillion won, the data also showed.

Samsung did not announce the performance of each business division. The company is set to release the finalized earnings report later this month.

The first-quarter operating profit was above the market’s earlier estimate of 9.43 trillion won, compiled by Yonhap Infomax, the financial news arm of Yonhap news agency.

Samsung has been facing various challenges since last year, including the suspended production of the Galaxy Note 7 phablet and the arrest of the firm’s de facto head Lee Jae-young in line with the corruption scandal that led to the ouster of South Korea’s president.

Industry watchers, however, said Samsung’s strong performance in chip sales is forecast to have helped improve its bottom line.

Local brokerages said the global chip industry has been enjoying a boom since the second half of 2016. Samsung is expected to have posted a sound operating profit from its chipmaking business, which may have reached a whopping 6 trillion won.

The South Korean tech giant posted an all-time high operating profit of 4.9 trillion won in the chip segment in the October-December period of 2016.

Although its IT and mobile business is presumed to have posted lackluster earnings on the suspension of the ill-fated Galaxy Note 7, industry watchers said the Galaxy S8 and the Galaxy S8 Plus, which will hit shelves this month, will help the company recoup earnings down the road.

The South Korean company is estimated to have sold 9 million units of the Galaxy S7 smartphones in the January-March period. The company had solid sales of its budget model mobile phones, such as the Galaxy J series.

The second-quarter operating profit is expected to reach 12 trillion won, industry watchers said.

If the global chip business continues to post robust performances, Samsung’s annual operating profit may hover far above 40 trillion won this year coupled with smartphone sales, they added

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PDP chief Mehbooba Mufti released from detention after 14 months

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

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Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

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Swimming pools for training of sportspersons to open with SOP from Oct 15

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SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

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Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

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