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

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

The report is a counter to the company's costly failure previous year with the fire-prone Galaxy Note 7 device.

South Korean-based Samsung issued its earnings guidance for Q1 2017 and stated its operating profit is expected to come in around $8.8 billion United States dollars (9.9 trillion won), up approximately 48 percent over the same period past year, with sales topping 50 trillion won for the months January to March.

Samsung Electronics said on Friday it expects a almost 50 percent annual jump in first-quarter operating profit but did not breakout performance by business unit. Prosecutors questioned Lotte Chairman Shin Dong-bin on Friday morning on suspicions the Korean retail giant gave (quote) "donations" of about 10 million USA dollars to foundations controlled by Choi, 6 million of which was returned before the prosecutors' probe started.

Jay Y. Lee, the 48-year-old boss of Samsung Group [SAGR.UL], is on trial on charges including bribery and embezzlement in a scandal that led to the ouster of President Park Geun-hye.

They said Samsung's semiconductor division likely recorded profit much higher than expected, contributing more than half of the company's quarterly income as supplies of memory chips remained tight while demand from global smartphone makers was solid.

However, Lee's involvement in the corruption scandal is unlikely to have any long-term impact on Samsung's brand, analysts says.

More news: Trump to NY Times: Susan Rice May Have Committed a Crime

The South Korean tech giant has just posted its earnings guidance for Q1, 2017 and it's anticipating big profits.

The company did not elaborate on its performance and will disclose detailed earnings in late April.

Some advantages include the sale of smaller Samsung affiliates, converting Samsung's life-insurance unit into a financial holdings company and the public offering in 2016 of its biologic-drugs unit.

The 48% rise in operating profit, which is the highest in nearly four years, comes as the company hopes to recover lost sales and customer trust with its Galaxy S8 smartphone. This is due to strong memory chip sales. "In the second quarter, Samsung's operating profit is expected to hit an all-time-high 12 trillion won", he said.

The South Korean firm's Galaxy Note 7 smartphone was plagued with problems.

But analysts said the company was recovering fast from the recall fiasco, which caused operating profits in the IT and mobile segment to plunge.

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