Samsung Electronics reports 88.9 percent jump in Q2 net profit

With leader jailed, Samsung reports record $9.7 billion profit

Samsung Electronics posted its best quarterly profit in the second quarter due to a boom in memory chips.

The Journal also said the record-breaking results also position Samsung to top Apple in quarterly profits for the first time.

The firm said huge sales of its new Galaxy S8 smartphone and demand for its memory chips were behind the jump in April-June and predicted another blockbuster report for the current quarter to September.

Samsung also said its net profit soared 89 percent year-on-year to reach 11 trillion won ($9.88 billion) - a trillion won higher than estimated by Yonhap Infomax.

Apple, set to launch its 10th-anniversary iPhone this year, is still projected to notch up larger full-year profits than Samsung.

Samsung shares ended down 0.08 percent in Seoul.

In May, Samsung said it had sold over 5 million Galaxy S8 and S8 Plus units.

The Galaxy S8 series of smartphones recorded higher sales than their predecessors, helping the company's mobile business to rebound from the fire-prone Galaxy Note crisis that cost almost £4 billion a year ago.

The semiconductor business raked in 8.03 trillion won in operating profit in the second quarter, up 204 percent from the previous year.

Earlier this month, Samsung announced plans to invest $18 billion to expand and upgrade its chip plants in Korea, with the aim of extending its lead in the market. All of Samsung's products performed exceptionally well with its smartphone and memory divisions leading the charge.

Samsung C&T Corp., the construction and trading arm of South Korea's largest conglomerate Samsung Group, reported a 44 percent on-year increase in operating income for the second quarter thanks to solid performance of its business units across the board.

Samsung is also upbeat about its business in the second half of the year.

"Looking ahead to the third quarter, the company expects favourable semiconductor conditions to continue, although overall earnings may slightly decline quarter-on-quarter as earnings weaken for the display panel and mobile businesses", Asia's third most-valuable company by market value said in a statement.

Samsung is set to unveil its new Note device next month in NY, just over a year after the exploding battery crisis that saw it remove the Note 7 from shelves.

The indictment in February sent shockwaves through the firm and triggered the announcement of a major reform of its top-down management style.

A court is due to give its verdict on Lee by the end of next month.

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