Samsung Electronics Q3 operating profit jumps 20.4 pct to hit record high

SEOUL, Oct. 5 (Yonhap) -- Samsung Electronics Co. said Friday that its third-quarter operating profit moved up a sharp 20.4 percent on-year to hit a record high, apparently on the back of robust returns from its chip business. Operating profit came to 17.5 trillion won (US$15.4 billion) in the July-September period, rising from 14.53 trillion won posted a year earlier, the South Korean tech giant said in a regulatory filing. Sales advanced 4.7 percent to reach 65 trillion won over the cited period, the company added. The operating profit was above the market's expectation of 17.1 trillion won, based on a survey conducted by Yonhap Infomax on 21 South Korean brokerage houses. The sales estimate stood at 65.1 trillion won. The July-September performance marked the highest quarterly figure ever posted by Samsung Electronics. The previous record was 15.6 trillion won achieved in the first quarter of 2018. The operating profit to sales ratio came to 26.9 percent, also a record high. Samsung did not announce the net profit for the third quarter, nor the performances of respective business divisions. The finalized earnings report will be announced later this month. The record earning was apparently attributable to its chip business, industry watchers said. Samsung Electronics, however, is anticipated to face a slight decrease in its operating profit for the fourth quarter in line with changes in global prices of memory chips, they added. Shares of Samsung Electronics closed at 44,700 won on Thursday, down 2.19 percent from the previous session. The third-quarter report was announced before the market opened on Friday. colin@yna.co.kr (END)