Samsung tips huge jump in profit as heir to stand trial

Elizabeth Williams
April 22, 2017

Samsung Electronics is headed for its best quarterly profit margin in three years, despite its deputy chairman going on trial over corruption allegations.

The global memory chip leader said first-quarter operating profit was likely 9.9 trillion won (RM39.02 billion), compared with an average forecast of 9.4 trillion won from a Thomson Reuters survey of 18 analysts.

The company's components business, consisting of display panels and memory chips, is likely to have helped boost the company's profit in the first quarter. The company also expects to report a rather flat revenue figure - 50 trillion won (approx $44 billion), which is 0.4 percent higher than analyst estimates.

The South Korean firm's Galaxy Note 7 smartphone was plagued with problems.

The South Korean company is estimated to have sold 9 million units of the Galaxy S7 smartphones in the January-March period.

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Analysts forecast Samsung's recent momentum will continue in the second quarter following the launch of its new flagship smartphone Galaxy S8 on April 21. The independent counsel who twice sought to arrest Lee during his 90-day investigation into the corruption scandal that led to impeachment of Park Geun-hye also appeared in court on Friday.

The Samsung Galaxy C7 Pro will go up for sale on April 11 for Rs. 27,990.

If it proves to be true, this confident prediction by Samsung will see the company trump both its results for the same period previous year, as well as their troubled holiday quarter. The S8 was its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.

In court, Lee listened as prosecutors accused him of bribing Park and her confidant, Choi Soon-sil, in order to win support for a key merger that would cement his leadership of the sprawling Samsung business empire.

Lee has gone on trial in South Korea. As a result, it is suspected that some countries, including the United Kingdom, will not experience much of an improvement in terms of the Galaxy S8's processing speed as they are stuck with Samsung's own-made Exynos 8895.

Other reports by VgToday

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