Seoul, Jan 25 (IANS) Samsung Electronics' fourth-quarter operating profit hit a new high helped by solid Galaxy smartphone sales and improved earnings in semiconductor business.
Operating profit was 8.84 trillion won ($8.26 billion) in the three months ended December, nearly double from a year earlier, the company said in a regulatory filing Friday.
It was the highest in its history, and posted the record-breaking earnings for five straight quarters. The reading was in line with the preliminary figure estimated by Samsung, reported Xinhua.
The mobile-phone division made a 5.44 trillion operating profit, which accounted for more than 60 percent of the total in the quarter, thanks to rising demand for the Galaxy devices. The chip-making unit saw its profit rise due to demand for high-margin products and rising PC DRAM prices.
Samsung posted a record profit "thanks to strong smartphone sales and rising PC DRAM prices amid tight supply as well as solid mobile DRAM demand", Kim Young-chan, a Seoul-based analyst at Shinhan Investment Corp., said in a report before the earnings announcement.