Samsung Posts Record Earnings Amid COVID Crisis

Samsung achieved record earnings in the 3rd quarter of the entire year amid the coronavirus crisis.

Semiconductor sales remained strong, while home appliance and smartphone sales also jumped.

Samsung said Thursday that third-quarter consolidated sales increased eight percent on-year to W66.96 trillion, while operating profit surged 58.8 percent to W12.35 trillion (US$1=W1,133).

Set alongside the second quarter, sales rose 26.4 percent, while operating profit surged 51.6 percent. The operating margin increased from 15.4 percent to 18.4 percent.

The house appliance division's operating profit rose to an archive and the smartphone business' to the highest level in six years.

But there are pessimistic forecasts for the fourth quarter. The business invested W25.5 trillion before third quarter in facilities expansion and will devote another W9.7 trillion in the fourth quarter. That may bring total facilities investment this season to W35.2 trillion, up 30 percent and the first increase in three years, which could eat into profits.