ECONOMY

Samsung projects $14.1 billion Q4 operating profits

The logo of Samsung Electronics Co. is seen at a Samsung Electronics shop in Seoul. (AP)

South Korean telecom giant Samsung Electronics expects to post record operating profits of $14.1 billion in the fourth quarter, it said Tuesday.

The company estimated operating profits of 15.1 trillion won ($14.1 billion) in the October to December period, an all-time high for quarterly profits and nearly double the 9.2 trillion won posted a year earlier.

Samsung has had to overcome a bribery scandal that saw the company’s de-facto head Lee Jae-Yong thrown into jail as well as a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye’s secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent.

Samsung Electronics’ financial performance has soared despite his travails.

Fourth-quarter sales were projected to have jumped 23.8 percent year-on-year to 66 trillion won.

Samsung said it expects its operating profits for the 2017 full year to hit 53.6 trillion won and to post full-year sales of 239.6 trillion won.

The company is set to release its final earnings report later this month.

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Last Update: Tuesday, 9 January 2018 KSA 03:19 - GMT 00:19
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