Estimate for the quarter

Samsung profit likely to increase tenfold

The South Korean electronics group Samsung is expecting a tenfold increase in its operating profit for the first quarter. The company announced on Friday that the profit had exceeded expectations and was due to the recovery in semiconductor prices. 

The world's largest maker of memory chips and televisions estimated that its operating profit rose to 6.6 trillion won (4.51 billion euros) in the quarter ended March 31. This was a 931 percent increase from 640 billion won a year earlier, Samsung said in a preliminary earnings release.

However, sales fell short of expectations. It is estimated to have increased by eleven percent year-on-year to 71 trillion won, below the LSEG Smart Estimate of 72.3 trillion won. The company will release the detailed results on April 30.