Samsung Electronics Sets Fresh Earnings Record

      October 29, 2012 12:04

      Samsung Electronics achieved record earnings again in the third quarter of this year. Samsung on Friday reported W52.2 trillion (US$1=W1,097) in sales and W8.12 trillion in operating profit, the highest-ever quarterly revenue and operating profit for the firm.

      Operating profit was up 20.8 percent from the previous high in the second quarter.

      Powered by the stellar performance, the electronics giant forecast full-year sales of W200 trillion and W25 trillion in operating profit.

      The main boost was the global popularity of its smartphones. The company's IT and mobile division achieved W5.63 trillion in operating profit, accounting for 69 percent of the total earnings. The consumer electronics division, which includes TVs and home appliances, managed only W430 billion in operating profit due to the European slump.

      Rival Apple also announced third-quarter figures with sales totaling $36 billion and an operating profit of $10.9 billion. Although revenues were smaller than Samsung, Apple achieved a higher operating profit. Apple's operating profit to sales ratio was 30.4 percent, almost twice as high as Samsung (15.5 percent).

      Market researcher IDC said Samsung remained the world's No. 1 smartphone maker in the third quarter, accounting for 31.3 percent of the global market with 56.3 million phones sold, mainly thanks to demand for the Galaxy S3 released this summer. Apple ranked second with 15 percent of the global market and 26.9 million phones sold, less than half of Samsung's.

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