Samsung Announces 16% Increase in Third-Quarter Profit

7:38 am on October 16, 2006 | Category: Business, Cell Phones, Mobile Devices, Multimedia

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Samsung Electronics Co., a leading manufacturer of cell phones and other electronic devices, announced a 16% increase in third-quarter profit earlier today, due to strong sales of memory chips and ultra-slim mobile phones.

The South Korean country earned the equivalent of US$2.29 billion in the three month period ending on September 30, compared to about $1.97 billion in the third quarter of 2005. This easily outpaced the estimates of 11 Reuters analysts, who predicted earnings of just $1.98 billion for the period.

Samsung’s memory chip unit accounted for the bulk of this increase, with Dynamic Random Access Memory (DRAM) sales remaining strong due to high demand for PCs. The company’s NAND flash memory business, meanwhile, managed to stabilize in September after an eight-month-long tumble.

Overall, Samsung remains the largest company on South Korea’s stock exchange, with a tital market value of around US$98 billion. It’s stock price increased by 10.1% in the third quarter, compared with gains of 5.9% for the stock market as a whole.

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    Edited by Jeremy Maddock