Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Samsung expects first quarter profits to jump

976827
976827
minus
plus

Seoul: Embattled Samsung Electronics said on Friday it expects profits to jump by half in the first quarter, despite a smartphone recall fiasco and the arrest of its de facto head.


The forecast will come as welcome news to the South Korean giant after a torrid period in which it had to ditch its flagship Galaxy Note 7 after several battery fires. The debacle cost the company billions of dollars in lost profit and hammered its global reputation and credibility. Its vice-chairman Lee Jae-Yong, heir to the parent Samsung group, has since been arrested and indicted for bribery, along with four other senior executives, in connection with a graft scandal that saw ex-president Park Geun-Hye impeached.


On Friday, the world’s largest memory chip and smartphone maker said it expected its operating profit in the January-March period at 9.9 trillion won ($8.8 billion), up 48.2 per cent from a year earlier, thanks to strong sales of memory chips and display panels.


It would mark the second-highest quarterly operating profit ever posted by Samsung. — AFP


SHARE ARTICLE
arrow up
home icon