SEOUL, South Korea (AFP) — South Korean telecom giant Samsung Electronics expects to post record operating profits of $14.1 billion in the fourth quarter, it said Tuesday.
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 nearly double the 9.2 trillion won posted a year earlier.
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 last year of its flagship Galaxy Note 7 smartphone over exploding batteries.
Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye’s secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent.
Samsung Electronics’ financial performance has soared despite his travails.
Fourth-quarter sales were projected to have jumped 23.8 percent year-on-year to 66 trillion won.
Samsung said it expects its operating profits for the 2017 full year to hit 53.6 trillion won and to post full-year sales of 239.6 trillion won.
The company is set to release its final earnings report later this month.
© Agence France-Presse
