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  HOME | Business & Economy (Click here for more)

Samsung Electronics Expects 2017 Operating Profit to Increase by 83.3%

SEOUL – South Korean technology company Samsung Electronics expects its operating profit for the fiscal year 2017 to increase by 83.3 percent to 53.6 billion won (about $50.16 billion).

Samsung’s sales turnover is estimated to stand at 239.6 trillion won in the whole fiscal year 2017, which would indicate an increase of 18.7 percent, according to estimates published Tuesday by the company in a brief statement.

The South Korean tech giant on Tuesday also provided its estimates for the last quarter of 2017, when operating profit was calculated to increase 63.8 percent and sales went up 25.75 percent to stand at 66 billion won.

Samsung places its forecast operating profit for the fourth quarter of 2017 at 15.1 trillion won, apparently boosted by the global boom in the computer chip industry.

The figure is slightly below the forecasts by analysts, who predicted the tech conglomerate would report an operating profit of about 15.9 trillion won in the last quarter of the year.

As usual, Samsung on Tuesday did not provide the forecasts of its net profit or those of its different commercial divisions. It is expected that the company will offer the detailed data in the results report that will be presented later in January.

Samsung’s forecast, published shortly before the opening of the Seoul Stock Exchange, did not seem to go along well with South Korean investors, as the shares of the company fell 0.65 percent at 9:20 am local time (0020 GMT).

 

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