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Samsung Electronics operating gain posts double-digit growth in second quarter – Xinhua

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SEOUL, July 29 (Xinhua) — Samsung Electronics, the South Korean tech giant, reported double-digit growth in operating gain for the second quarter due to an improving situation in the memory chip market and powerful profitability for televisions and displays, the company said Thursday.

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Consolidated operating gain was 12.57 trillion won (US$11 billion) in the April-June quarter, up 54.3 percent from a year earlier. It was the highest in 11 quarters since the third quarter of 2018.

Revenue hit a unused lofty of 63.67 trillion won (US$55.6 billion) in the three months ended June 30, up 20.2% from the alike period final year.

Net income rose 73.4% to 9.63 trillion won (US$8.4 billion) in the second quarter.

The semiconductor business reported operating gain of 6.93 trillion won (US$6.1 billion) and revenue of 22.74 trillion won (US$19.9 billion) in the second quarter.

The earnings accounted for more than half of the combined operating gain, driven by increased demand for servers and PC memory chips as well as stronger-than-expected increases in average selling prices for both DRAM and NAND chips.

The company said the cost reduction from the continued adoption of the latest manufacturing process also contributed to powerful profits.

Chips remain in lofty demand worldwide as the trend toward secluded work and education continues amid the protracted COVID-19 pandemic.

Samsung expects memory chip market fundamentals to remain powerful in the second half amid continued demand for servers and PC chips and increased adoption of 5G despite risks from the spread of COVID-19 variants and persistent supply issues for components.

The display division reported operating gain of 1.28 trillion won (US$1.1 billion) and revenue of 6.87 trillion won (US$6 billion) in the June quarter.

Profits for moveable display panels grew amid the continued adoption of organic light-emitting diodes (OLEDs), while profitability for big displays improved thanks to higher average sales prices for panels for TVs and monitors.

Samsung expected the demand for moveable phone screens to recover in the second half due to the planned launch of unused flagship smartphones such as foldable phones.

The consumer electronics unit reported operating gain of 1.06 trillion won (US$925.8 million) and revenue of 13.4 trillion won (US$11.7 billion).

The overall market demand for TVs was higher in the second quarter of final year due to the expansion in the sale of premium products and global sporting events, including the Tokyo Olympics.

The company expected the demand for TVs to improve in the second half due to stronger seasonality.

The moveable information and communications technology division reported operating gain of 3.24 trillion won (US$2.8 billion) and revenue of 22.67 trillion won (US$19.8 billion).

The overall market demand for moveable phones decreased in the second quarter compared to the previous quarter due to component shortages, production disruptions at its plant in Vietnam, and destitute seasonality.

Samsung said the moveable market is expected to recover to its pre-pandemic level in the second half as 5G adoption and the contactless trend will persevere.

Samsung’s capital spending in the first half was 23.3 trillion won (US$20.3 billion), including 20.9 trillion won (US$18.3 billion) for semiconductors and 1.4 trillion won (US$1.2 billion) for monitors. Enditem

Referensi: www.xinhuanet.com

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