Samsung Q4 operating profit grows more than 63%

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According to a report released by the firm on Tuesday, its estimated operating profit for the October-December period jumped 64 percent on-year to a record high of 14.1 billion USA dollars.

The company estimated operating profits of 15.1 trillion won ($14.1 billion) in the October to December period, an all-time high for quarterly profits and almost double the 9.2 trillion won posted a year earlier. Total annual sales of nearly KRW 61.4 trillion is expected to be 10.9 percent higher year-over-year and operating profit of KRW 2.4 trillion will see an increase of 84.5 percent over 2016, according to LG.

Samsung has had to overcome a bribery scandal that saw the company's de-facto head Lee Jae-Yong thrown into jail as well as a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries. Its operating profit for the entire year would exceed $50 trillion won (around $46 billion), which would be a first for the tech giant.

Samsung will unveil its quarterly and full-year results at the end of January.

Samsung did not provide financial details for business divisions. Sales are expected to reach KRW 66 trillion for the three months ended 31 December 2017, which represents an increase of 23.8 percent year-on-year.

Tech shares had a bearish day ahead of the earnings season as analysts raised concerns over the impact of a stronger won and lower chip prices on major exporters.

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