Samsung Electronics expects Q4 operating profit to jump 63.8 pct

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Samsung Electronics expects Q4 operating profit to jump 63.8 pct

For all of 2017, the South Korean tech giant raked in an operating profit of 2.4 trillion won, marking the second-highest performance ever posted by the firm.

This comes after the consumer electronics company recorded an operating loss of 35.2 billion won over the same period a year earlier, LG Electronics said in a regulatory filing.

The company estimated operating profits of 15.1 trillion won ($14.1 billion) in the October to December period, an all-time high for quarterly profits and almost double the 9.2 trillion won posted a year earlier.

Preliminary revenue for the December quarter advanced 23.8 percent over the year to 66 trillion won (61.9 billion US dollars).

Fourth-quarter sales were projected to have jumped 23.8 percent year-on-year to 66 trillion won. Net income and detailed earnings of each business will be announced later in the month after auditing.

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He said for 2018, LG Electronics is expected to maintain relatively sound returns on the back of the home appliances and TV businesses, although prospects for the handset division remain cloudy. It still did not meet analysts' expectations because they had targeted a 15.9 trillion won (12.5 billion euro) profit.

"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 local currency has been appreciating for months amid the global trend of the weakening US greenback.

This would represent a 68.8 percent increase when compared with the year before. Samsung is said to be working on a folding smartphone set ...

"Investors will wait for quarterly reports of other tech heavyweights to make changes to their portfolios".

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