Samsung draws record profits of 7.77trn won in second quarter

26 Jul 20131 Share

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Image by SamsungTomorrow via Flickr

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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.

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

editorial@siliconrepublic.com