Science

LG Electronics estimates Q1 profit surged, likely best in nearly 8 years

LG Electronics estimates Q1 profit surged, likely best in nearly 8 years”

Samsung shares touched a record high of KRW 2.134 million in late March on expectations of record annual profit in 2017, as the South Korean tech giant bounced back from the embarrassing withdrawal of its Galaxy Note 7 devices due to combustible batteries.

Operating profit was 9.9 trillion won (8.7 billion USA dollars) in the January-March quarter, up 48.2 percent from a year earlier.

Analysts now believe the main driver for profits this quarter was Samsung's semiconductor business.

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The fact that Jay Y Lee, heir to South Korea's largest corporation, Samsung Group, is embroiled in charges that he bribed a confidante of former South Korean president Park Geun-hye and conspired to cover it up, did not, however affect investor confidence in the group.

Samsung's de facto leader Lee Jae-yong denied on Friday bribery allegations at his first court hearing in connection to the influence-peddling scandal that end of previous year lead to the impeachment of President Park Geun-hye, state media reported. But the outlook for the Suwon, South Korea-based firm's mobile division got a boost last week after unveiling its newest flagship phone, the Galaxy S8.

Samsung Electronics Co. posted higher-than-projected profit on strong sales of memory chips and displays, showing that its core businesses remain stable even after losing its global lead in smartphones to Apple Inc. Lee has previously denied the charges, saying that while Samsung did give money to the foundations, he didn't know Choi controlled them nor did he expect anything in return. The company also beat market consensus of a profit around 587.3 billion won on sales of 14.4 trillion won.

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That would be its best quarterly profit in nearly four years and shows a recovery from the Galaxy Note 7 fiasco. The results also underscore how the electronics conglomerate is recovering from last year's Note 7 crisis, when some smartphones burst into flames and forced Samsung to pull it from shelves.

"In the course of providing bribes, Lee Jae-yong embezzled company money, illegally diverted domestic assets overseas, hid illegally-earned incomes and committed perjury at parliament", special prosecutor Park Young-soo said.

A refreshed focus on the Galaxy S7 was able to able to bring in some additional revenue for Samsung when we saw the company releasing additional color variants throughout the year.

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