April 22, 2018

Samsung C&T's Q2 OP up 44 percent on year

27 July 2017, 06:22 | Francis Delgado

Samsung posts best quarterly profit amid chip boom

With leader jailed, Samsung reports record $9.7 billion profit

By division, the home appliance and air solution unit generated 465.7 billion won operating profit, up 7.4 percent on-year, with the revenue coming in at 5.25 trillion won, up 11.7 percent.

Overall sales rose almost 20 percent to a record 61 trillion won ($54.80 billion) during the same period thanks to strong demand for memory chips, mobile devices and display panels.

On an annual basis, Samsung's semiconductor division is widely expected to overtake Intel's sales this year, analysts at brokerages and market research firms say.

Buoyed by voracious requests for DRAM and NAND memory chips for everything - from servers to IoT connected devices - Samsung's semiconductor division alone was responsible for the whopping $7.2 billion in operating income on sales of $15.8 billion.

Samsung Electronics said it expected the memory chip boom to continue in the current quarter.

Another victor was the display panel unit, which saw operating profit jump twelvefold to 1.7 trillion won, topping 1 trillion won for the fourth consecutive quarter.

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Samsung will see "a meaningful revenue increase" thanks to the supply of display panels "to a major smartphone customer" in the next three months, Daiwa Capital Markets analyst SK Kim wrote in an investors note.

The company said it saw increased global sales of its flagship Galaxy S8 handset, while its middle and low-end smartphone sales declined.

This month the firm said it will invest 20.4 trillion won by 2021 to expand and upgrade its chip plants in the South Korean cities of Pyeongtaek and Hwaseong.

The company revealed an operating profit of 14.1 trillion South Korean won ($12.67 billion).

Samsung C&T Corp., the construction and trading arm of South Korea's largest conglomerate Samsung Group, reported a 44 percent on-year increase in operating income for the second quarter thanks to solid performance of its business units across the board. "As these [cloud infrastructure] players grow, they will only need more chips and that helps Samsung".

"Greater use of smartphones and tablet PCs instead of computers is driving the rise of companies like Samsung", Chung said.

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