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Samsung posts $7.3 billion profit on Galaxy sales

Last Updated: Friday, October 5, 2012 - 10:37

Zeebiz Bureau

Seoul: South Korean electronic major Samsung Electronics’ profit soared almost double this year on strong sales of high-end TVs and Galaxy smartphones.

Samsung reported a record USD 7.3 billion profit this year as more than offset reduced orders for chips and screens from Apple Inc, its main rival and leading customer.

This year's expected record profit of 28 trillion won will also trigger higher performance related payouts to many of Samsung's 206,000 staff early next year.

And Samsung may have to set money aside this quarter if it fails in an appeal to overturn an August 24 US court verdict that awarded more than USD 1 billion in damages to Apple for patent infringements by Samsung.

Samsung shares fell 0.5 percent to 1.36 million won on Friday. The stock has risen more than 7 percent since the US patent defeat in August. Apple shares have gained less than 1 percent.

With Agency Inputs

First Published: Friday, October 5, 2012 - 10:37
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