Samsung Sees 58% Rise In Q3 Operating Profit

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Samsung Electronics Co Ltd (SMSN.L,SSNNF.OB,SSNLF.OB) expects that its third-quarter operating profit will rise about 58.10 percent from last year. It projects sales will increase 6.45 percent. The company's mobile and chip businesses benefited from U.S. restrictions on Huawei Technologies Co.

The South Korean tech giant projects operating profit of about 12.30 trillion Korean won in the third-quarter, compared to 7.78 trillion won reported last year. While it reported operating profit of about 8.15 trillion won in the second-quarter.

The company also expects third-quarter consolidated sales of about 66.00 trillion won compared to 62.00 trillion won last year. It reported consolidated sales of about 52.97 trillion won in the second-quarter.

Third-quarter earnings results will be released later this month.

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