Samsung logs record quarterly profit on higher prices

Posted by Randal Rayborn on October 29, 2009 - Filed under South Korea

Samsung is the world's leading memory chip maker

By Lee Youkyung – SEOUL, Oct. 30 (Yonhap) — Samsung Electronics Co., the world’s leading memory chipmaker, said Friday that its third-quarter earnings more than tripled from a year ago on a rise in prices of key products.

Net profit stood at 3.72 trillion won (US$3.16 billion) in the July-September period, compared with 1.22 trillion won a year ago, the company said in a regulatory filing.

Sales jumped 29.1 percent on-year to 24.86 trillion won, and operating profits doubled from a year ago to 2.77 trillion won, it said.

Shares of Samsung Electronics traded at 728,000 won on the Seoul bourse as of 10:15 a.m., up 1.39 percent from Thursday’s close. read more at Yonhap News Agency…

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