Samsung projects $14.1 billion Q4 operating profits

Samsung projects $14.1 billion Q4 operating profits

Samsung projects $14.1 billion Q4 operating profits

For all of last year, Samsung predicted its operating profit would rise 83.3 percent on-year to 53.6 trillion won. The record now stands at 2009, when LG posted an operating profit of 2.6 trillion won.

Sales are estimated to have increased 14.8 percent over the cited period to 16.9 trillion won, it added. The company will release a detailed financial report later this month. It was estimated that operating profits would reach 471 billion won.

Samsung forecasts a fourth quarter profit of 15.1 trillion won (12 billion euro), which is a record result for the company and almost two thirds up from previous year. It was up 63.8 percent compared with a year earlier, but the figure missed market expectations of about 15.9 trillion won.

Samsung Electronics' fourth-quarter sales were projected to have jumped 23.8 percent year-on-year to 66 trillion won.

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Analysts said LG benefitted from strong shipments of premium organic light emitting diode (OLED) TVs along with other high-end washers and refrigerators.

The company did not provide details for business divisions. The local currency has been appreciating for months amid the global trend of the weakening USA greenback. However, despite the lower-than-expected results, operating profits in 2017 are the second highest in the company's history, behind 2009. The fourth-quarter report was announced before the market opened Tuesday.

Shares of Samsung Electronics were trading at 2,574,000 won as of 9:51 a.m., down 1.04 percent from the previous session's close.

South Korean stocks finished lower on January 9 due to tech losses, triggered by Samsung Electronics' weaker-than-expected earnings estimates due to the strengthening local currency, analysts said.

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