Sci-tech

Samsung logs near-record profit in Q1 despite absence of heir

Samsung logs near-record profit in Q1 despite absence of heir

Samsung Electronics expects consolidated first quarter sales of approximately 50 trillion Korean won and operating profit of 9.8 to 10 trillion won.

Lee, who was arrested in February, has been charged with paying almost $40 million to the now-impeached president's close friend Choi Soon-Sil, allegedly as bribes to secure policy favours.

The legal team said the prosecutor's charges against Lee were based on "prejudice and prejudgement" and not backed up by evidence.

"Business restructuring is one of Samsung's various corporate management activities", the lawyer said.

The South Korean technology firm Samsung on Friday projected its best quarterly profit in more than three years, beating analyst expectations.

Profits are expected to have increased by a enormous 48% and the company says the profit for Q1 2017 was likely $8.8 billion, or 9.9 trillion won.

The lack of a flagship smartphone from the company in the past few months may fuel people's curiosity and propel them to purchase the latest Galaxy S8 or Galaxy S8+. (STAND UP) Lee was indicted at the end of February, and by law the district court must rule on the case by the end of May. As per a report, Analysts claims that Samsung must have generated about $1.8 billion worth of profit in Q1 2017 after incurring a hefty loss of $5.3 billion a year ago due to the Galaxy Note 7.

Samsung, the world's largest maker of smartphones and display panels, has unveiled the Galaxy S8 smartphone last week, which is set to go on sales later this month.

Samsung launches its new C series of phablets in India with the C9 Pro in January 2017.

The report also states that Samsung also assigned build numbers for the refurbished Galaxy Note 7 models, respectively N935LKLU2AQD2/ N935LLUC2AQD2/ N935LKLU2AQD2.

Investors however have shrugged off the scandal, counting on share buybacks, steady growth from its memory and display divisions and a new premium smartphone.

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


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