Samsung Electronics' operating profit hits two-year high in third quarter

Operating profit of Samsung Electronics, South Korea's tech behemoth, hit the highest in two years in the third quarter (Q3), the company said Thursday.

Preliminary figure for operating profit amounted to 12.3 trillion won (10.6 billion US dollars) in the July-September quarter, up 58.1 per cent from a year earlier.

It was the highest in two years since the third quarter of 2018, topping 10 trillion won (8.6 billion US dollars) in seven quarters, reports Xinhua.

Revenue grew 6.5 per cent over the year to 66 trillion won (57.1 billion US dollars) in the third quarter.

The third-quarter revenue surpassed the previous record high of 65.98 trillion won (57 billion US dollars) tallied in the fourth quarter of 2017.

The ratio of operating profit to revenue stood at 18.6 per cent in the third quarter, higher than 11.6 per cent in the first quarter and 15.4 per cent in the second quarter respectively.

Net income and detailed earnings on each business unit will be announced later this month after an external audit and the board of directors' approval.