South Korean electronics giant Samsung Electronics reported on Friday that it achieved an operating profit of 15.6 trillion won (14.7 billion dollars) in the first quarter, the largest amount in a quarterly period since it began operations, thanks to the surge in demand for memory chips for mobile devices.
This marks a 60 percent increase in operating profit compared to the same period last year. Additionally, Samsung has raised the bar for the highest operating profit for the third consecutive quarter since its establishment.
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Revenue for the period from January to March is estimated at 60 trillion won, which is 19 percent higher than in the first quarter of last year, according to Samsung’s preliminary report.
Over the past 12 months, Samsung’s profit has surged due to solid demand for memory chips for mobile devices, which has mitigated the decline in profit in the mobile phone division. This part of the business has been recording poor results for two years, since the company was forced to recall the Galaxy Note 7 model due to battery explosions, costing them billions of dollars.
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Samsung will publish the net profit amount and results of individual business segments in a comprehensive business report, which is expected to be released by the end of the month.
