Samsung draws record profits of 7.77trn won in second quarter

26 Jul 20131 Share

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Image by SamsungTomorrow via Flickr

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Electronics giant Samsung has reaped record profits for the sixth straight quarter – 7.77trn won – but shares fell upon the release of the South Korean company’s second-quarter 2013 financial results, as investors expected a higher profit of 7.96trn won.

Samsung’s revenue for the second quarter of 2013 totalled 57.46trn won, and along with the 7.77trn won in profits reflects a profit gain of about 50pc year-on-year.

Mobile is Samsung Electronic’s largest sector, and sales revenue there increased 9pc quarter on quarter. Operating profit in the sector, however, dropped 3pc quarter-on-quarter, which Samsung has attributed to “marketing costs”.

Samsung sold 10m units of its flagship Galaxy S4 smartphone during its first month on sale.

The company said it intends to spend a record 24trn won this year on its mobile, semiconductor and display panel businesses in an effort to maintain momentum and strengthen its market position.

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com