Trial of Samsung heir focuses on father-to-son succession

Samsung tips huge jump in profit as heir to stand trial

The hefty profits highlight Samsung's resilience after the embarrassing recall of its fire-prone Note 7 smartphone previous year.

Operating profit was 9.9 trillion won (8.7 billion US dollars) in the January-March quarter, up 48.2 percent from a year earlier.

The estimated revenue during the same period came in at 14.66 trillion won, up 0.7 percent on-year, the company said.

LG posted its highest ever profit back in the second quarter of 2009 of 1.24 trillion won.

Samsung Group chief Jay Y. Lee arrives at a court in Seoul, South Korea, April 7, 2017. Samsung was forced to recall it late past year after reports of the device overheating and exploding.

Demand for Samsung's essential components has remained robust during the explosion of internet-connected devices, which need memory chips to operate or store content, and a growing consumer preference for sleeker smartphones.

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Lee has accepted the responsibility of making the payments; however, he has denied any wrongdoing, saying the business firm was put under pressure by Park's network to pay the huge sums to the non-governmental funds linked to the then-president. It is scheduled to give more details including quarterly net profit later in the month. The current record was set in the third quarter of 2013, when Samsung's operating profit hit 10.1 trillion won.

Samsung did not announce the performance of each business division.

The management shakeup, so far, has had nearly no effect on Samsung's finances, and appears to have done little to erode consumer confidence in the company, say analysts.

Lee's arrest had raised concerns among conglomerates, called chaebol here, about the possible negative effect on Samsung's businesses, but it proved to be an unnecessary anxiety as seen in the better-than-forecast first-quarter earnings result. Memory chip sales increased but its own smartphone sales declined on the year, apparently due to the delayed release of the high-end Galaxy S8.

The quarterly earnings preview show that how Samsung's business is booming while its stock trade near historic highs, despite unprecedented crises in recent months. The S8 was its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.

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