Korean Economy News
Samsung Elec Q1 best-ever at $14.7bn, up 3% on qtr and 58% on yr

By Lee Dong-in

South Korea’s Samsung Electronics beat its best-ever performance of the final quarter of last year and market expectations to report a fresh high of 15.6 trillion won ($14.7 billion) in operating profit for the quarter ended March on the back of sizzling demand for chips to power big data computing and automation applications.

In its guidance for the first quarter, the world’s largest electronics component and appliance maker said Friday its operating profit rose 3 percent from the previous record-high of 15.2 trillion won in the previous quarter and 58 percent from 9.9 trillion won against a year-ago period. Sales fell 9.06 percent on quarter to 60 trillion won from 65.98 trillion won, but gained 18.7 percent from 50.6 trillion won a year ago.

It also surprised the market consensus of 14.7 trillion won. Shares of Samsung Electronics opened 1.5 percent lower at 2,400,000 won on profit-taking.

The world’s leader in semiconductors and smartphones have kept figures on the bottom line above 14 trillion won and the top line above 60 trillion won every quarter since the second half of 2017.

The company releases final and detailed statements later this month.

Although the first quarter is a traditional slow season, the semiconductor division is estimated to have earned more than 10 trillion won due to tight supply situation, and its newest premium Galaxy S9 series released in March is estimated to have fared well in the overseas market.

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