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Ruling party makes rare comment about Samsung's stellar earnings

All News 19:20 July 08, 2017

SEOUL, July 8 (Yonhap) -- South Korea's ruling party made a rare comment about Samsung Electronics Co.'s good second-quarter earnings Saturday, a gesture seen as a prod to get the world's largest manufacturer of smartphones to do more to revitalize the local economy.

On Friday, Samsung, also the world's leading chipmaker, said it expects a record operating profit of 14 trillion won (US$12.1 billion) in the second quarter of the year on the back of strong demand for memory chips and a recovery in the smartphone business.

Samsung might have beat Apple Inc. and other global firms in terms of earnings, analysts said. Samsung estimated its second-quarter sales at some 60 trillion won.

"In the face of unfavorable economic conditions at home and abroad, we applaud Samsung Electronics for its business result," the Democratic Party said in a statement.

The party said it hopes Samsung will maintain its top global position and should be reborn as a widely loved firm through transparent management.

Samsung Electronics Vice Chairman Lee Jae-yong, the heir apparent of the Samsung conglomerate, has been imprisoned since February amid his alleged connection to a political scandal, which led to the ouster of former President Park Geun-hye.

His father Lee Kun-hee also has shown no signs of recovery since being hospitalized in May 2014 after suffering a heart attack.


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