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(LEAD) Samsung Electronics estimates Q3 operating profit to rise 5.55 pct

All News 08:55 October 07, 2016

(ATTN: ADDS market consensus, details from para 5)

SEOUL, Oct. 7 (Yonhap) -- Samsung Electronics Co. predicted Friday that its third-quarter operating profit may rise 5.55 percent on year, despite a global recall of the Galaxy Note 7 smartphones.

Operating profit is estimated at 7.8 trillion won (US$6.98 billion) in the July-September period, compared with 7.39 trillion won for the same quarter last year, Samsung said in a regulatory filing.

(LEAD) Samsung Electronics estimates Q3 operating profit to rise 5.55 pct - 1

Compared with a quarter earlier, third-quarter operating profit is estimated to fall 4.18 percent, Samsung said.

Third-quarter sales are estimated to fall 5.19 percent on year to 49 trillion won, Samsung said.

Backed by strong sales of NAND flash memory chips and displays, the better-than-expected projection of Samsung's operating profit topped analysts' estimate.

A recent survey by financial information provider FnGuide showed that Samsung is expected to post an operating profit of 7.67 trillion won for the third-quarter of this year.

Samsung started selling the Note 7 in South Korea on Aug. 19 but halted sales and conducted a global recall of 2.5 million units earlier last month following reports of some of the devices catching fire while being charged.

Analysts expected the recall to cost about 1 trillion won.

Samsung did not offer a net profit estimate for the third quarter. Its finalized earnings will be announced later this month.

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