Samsung Posts Record Earnings Amid COVID Crisis

  • By Kim Seong-min

    October 30, 2020 13:53

    Samsung achieved record earnings in the third quarter of the year in the midst of the coronavirus crisis.

    Semiconductor sales remained strong, while home appliance and smartphone sales also jumped.

    Samsung said Thursday that third-quarter consolidated sales increased eight percent on-year to W66.96 trillion, while operating profit surged 58.8 percent to W12.35 trillion (US$1=W1,133).

    Compared to the second quarter, sales rose 26.4 percent, while operating profit surged 51.6 percent. The operating margin increased from 15.4 percent to 18.4 percent.

    The home appliance division's operating profit rose to a record and the smartphone business' to the highest level in six years.

    But there are pessimistic forecasts for the fourth quarter. The company invested W25.5 trillion until the third quarter in facilities expansion and will put in another W9.7 trillion in the fourth quarter. That will bring total facilities investment this year to W35.2 trillion, up 30 percent and the first increase in three years, which could eat into profits.

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