Samsung's bumper profits, new phone, chief on trial

Audrey Hill
April 10, 2017

The third-generation leader of South Korea's top conglomerate was mostly silent at his first court appearance in what has been called the "trial of the century", as his lawyers labored to portray him as an innocent bystander in a graft scandal. Park herself was arrested last week on charges such as colluding with Choi to pressure businesses such as Samsung to contribute to foundations that backed her administration's policy initiatives. Samsung Electronics said Friday, April 7, 2017 its first-quarter profit jumped 48 percent likely due to smartphone componen.

Some analysts already project a first-year sales record for the smartphone giant, fuelling expectations that the device will make up for the costly collapse of the fire-prone Galaxy Note 7 last year.

Lee faces five charges that could entail at least five years in prison if he is found guilty.

Samsung, the world's largest maker of smartphones and display panels, has unveiled the Galaxy S8 smartphone last week, which is set to go on sales later this month. Samsung gave or promised to give 43.3 billion won ($38 million) to four entities controlled by Park's friend Choi Soon-sil, who has been charged with misuse of power and meddling in state affairs.

The verdict is expected to be delivered in late May. Samsung did not need Park's help with the 2015 merger, which was aimed at helping Samsung's future growth, not aiding the leadership succession, Song contended.

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Samsung Electronics, the world's largest semiconductor manufacturer, is expected to post operating profit of 9.3 trillion won for the first quarter, up 40.4 percent from the same quarter previous year.

The stable flow of components profits comes as Samsung's de facto leader, Lee Jae-yong, stands trial beginning Friday over his alleged role in a bribery scandal roiling South Korea. Mr.

Earlier in the day, Samsung estimated the January-March period will produce its best quarterly profit in more than three years, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

The company delivered first-quarter earnings growth despite not benefitting from sales of the Galaxy Note 7, a high-end device that retailed for almost $900 and long raked in huge profits.

Other reports by MaliBehiribAe

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