Trial of Samsung heir focuses on father-to-son succession

18 April, 2017, 01:43 | Author: Alicia Barber
  • Samsung tips huge jump in profit as heir to stand trial

The company estimated its revenue in the first quarter this year would reach 50 trillion won, up 0.44 percent on-year. The handset is running Android 7.0 Nougat and also comes with a battery capacity of 3,200mAh.

LG Electronics' first-quarter operating profit was estimated at 609.5 billion won, up 20.6 percent from a year earlier, according to the data compiled by Yonhap Infomax, the financial news arm of Yonhap News Agency on 20 local brokerage houses. The same was about 9.56 trillion won in the first quarter of 2013.

"Business restructuring is one of Samsung's various corporate management activities", the lawyer said.

"The semiconductor business was likely the main driver for earnings", said Heungkuk Securities analyst Lee Min-hee, adding that sales of mid-to-low tier smartphones also helped the mobile business remain profitable. Figures were boosted this year due to increasing demand for memory chips and display screens.

The company has had a rough time of it recently.

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Its vice-chairman Lee Jae-Yong, heir to the parent Samsung group, has since been arrested and indicted for bribery, along with four other senior executives, in connection with a graft scandal that saw ex-president Park Geun-Hye impeached.

The hefty profits highlight Samsung's resilience after the embarrassing recall of its fire-prone Note 7 smartphone previous year.

"We have secured enough evidence proving that defendant Lee Jae-yong made improper requests to the president", said Park Young-soo, the special prosecutor, referring to the Samsung leader by his Korean name. Samsung Galaxy C7 Pro is expected to come with nearly similar specifications in India as well. In addition, the Galaxy S7 Edge model was selected as a discontinued Galaxy Note 7 exchange model.

Late last month, Samsung unveiled its latest flagship handset, the Galaxy S8, which analysts believe could give the company's mobile business a boost over the next few quarters. That display may also make its way onto Apple's next iPhone later this year, with the company reported to have placed an order for about 160 million OLED panels from Samsung Display.

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