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Samsung posts 46.3 percent jump in profit on strong smartphone sales

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/04/29/samsung.jpg"/><figcaption>The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017.<em> Kim Hong-Ji, Reuters/File Photo</em></figcaption></figure></div><p>SEOUL - South Korean tech giant Samsung Electronics posted a 46.3 percent rise in first-quarter net profits on Thursday, largely driven by robust sales of its smartphones.</p><p>Samsung Electronics is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world&#x27;s 12th-largest economy.</p><p>The conglomerate is crucial to the South&#x27;s economic health -- its overall turnover is equivalent to a fifth of the national gross domestic product.</p><p>Samsung Electronics said net profits rose 46.3 percent in January to March from a year earlier to 7.1 trillion won ($6.4 billion).</p><p>&quot;Solid sales of smartphones and consumer electronics outweighed lower earnings from semiconductors and displays,&quot; the firm said in an earnings report.</p><p>The figures came a day after Samsung&#x27;s controlling Lee family announced plans to pay more than $10 billion in inheritance taxes following the death last year of chairman Lee Kun-hee -- one of the world&#x27;s biggest-ever such settlements -- and donate a vast trove of art including works by Picasso and Monet.</p><p>The coronavirus has wreaked havoc with the world economy, with lockdowns and travel bans imposed around the globe for many months.</p><p>But the pandemic -- which has killed more than two million people worldwide -- has also seen many tech companies boom, including Samsung.</p><p>Coronavirus-driven working from home has been boosting demand for devices powered by Samsung&#x27;s chips, as well as home appliances such as TV and washing machines.</p><p>&quot;Pent-up demand has led the growth in home appliances,&quot; said James Kang, a senior researcher at Euromonitor International.</p><p>&quot;But once the coronavirus situation improves with the distribution of vaccines, the growth of home appliances will be slower than 2020 as people spend more time outdoors,&quot; he added.</p><p>Operating profit rose 45.4 percent to 9.4 trillion won, while sales were also up 18.2 percent to 65.4 trillion won.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/09/20/samsung-may-launch-flagship-phone-early-to-grab-huawei-share">Samsung may launch flagship phone early to grab Huawei share</a></li>	<li><a href="https://news.abs-cbn.com/business/03/17/21/samsung-unveils-next-generation-a-series-midrange-phones">Samsung unveils next generation A-series midrange phones</a></li>	<li><a href="https://news.abs-cbn.com/business/02/23/21/review-samsung-galaxy-s21-a-great-design-update-to-a-solid-performer">REVIEW: Samsung Galaxy S21, a great design update to a solid performer</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/0h4_sJbnRsI?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>South Korean tech giant Samsung Electronics posted a 46.3 percent rise in first-quarter net profits on Thursday, largely driven by robust sales of its smartphones.</p>

South Korean tech giant Samsung Electronics posted a 46.3 percent rise in first-quarter net profits on Thursday, largely driven by robust sales of its smartphones.