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Samsung reports 60 percent fall in 3Q operating profits(EFE Ingles Via Acquire Media NewsEdge) Seoul, Oct 30 (EFE).- Samsung Electronics posted an operating profit of $3.8 billion in the third quarter of the year, 60 percent less than the same period last year, the company said in a statement Thursday. It was the lowest figure since 2011 and the first time in three years that Samsung has faced a reduction in its operating profits for two consecutive quarters. The net profit of the electronic company decreased by 48.7 percent interannually, to $4 billion. In the July to September reporting period, Samsung sold its products for around $45 billion, 19.6 percent less than the same period in 2013. The lackluster 3Q results of the South Korean multinational mainly reflected a decrease in profits due to sales of smartphones with reduced per unit profit margin, Samsung said. The computing and mobile communication division suffered an interannual fall of 74 percent in its operating profits, while sales revenue fell by 32.8 percent in the same period, according to the company. Results of the company's consumer electronics division were also less than expected due to the drop in sales of flat screen televisions and the end of the air conditioner season ahead of the usual time. The company is expecting an increase in profits in the fourth quarter due to high seasonal demand for televisions and progressive growth in memory chips, according to the statement. Regarding smartphones, the company's main asset in the global market, Samsung hopes to increase demand for its products with the recent launch of its "phablet" Galaxy Note 4 and new models of mid-range smart devices. However, the company expects a further increase in competetion in the world market due to the growing popularity of Chinese manufacturers, such as Huawei and Xiaomi. EFE aaf/raa/fg-kv/bj/amg (c) 2014 EFE News Services (U.S.) Inc. |