Published: Wed, January 10, 2018
Culture&Arts | By Hattie Nash

Samsung projects $14.1 billion Q4 operating profits

Samsung projects $14.1 billion Q4 operating profits

Operating profit was estimated at 15.1 trillion won (US$14.1 billion) in the October-December period previous year, up from 9.2 trillion won tallied during the same three months in 2016, the company said in a regulatory filing.

During the October-December quarter, Samsung's operating profit hit a new quarterly high of 15.1 trillion won (14.2 billion US dollars). Sales are expected to reach KRW 66 trillion for the three months ended 31 December 2017, which represents an increase of 23.8 percent year-on-year.

The results were below analysts' expectations.

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Revenue hit a new yearly high of 239.6 trillion won (224.8 billion USA dollars) in 2017, surpassing the previous high of 228.69 trillion won (214.5 billion US dollars) in 2013.

The company did not provide details for business divisions.

Its operating profit for the entire year would exceed $50 trillion won (around $46 billion), which would be a first for the tech giant.

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Analysts surveyed by Reuters had forecast 15.9 trillion won profit on average for the company for final quarter of 2017. The local currency has been appreciating for months amid the global trend of the weakening USA greenback.

"Share prices of Samsung Electronics weighed on the market index, but the correction is expected to be short-lived, considering its operating profit guidance was affected by one-off costs", Seo Sang-young, an analyst at Kiwoom Securities, said. The fourth-quarter report was announced before the market opened Tuesday. The South Korean tech giant is set to unveil its finalized earnings later this month.

SK Telecom, the nation's biggest mobile carrier, increased 3.76 percent to 276,000 won, and No. 3 LG Uplus jumped 7.83 percent to 15,150 won.

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