Samsung Elec Q3 profit rises to 3-year high on chip sales By Reuters

© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen on a dish washer at its store in Seoul, South Korea, August 27, 2020. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Samsung Electronics (OTC:) Co Ltd’s third-quarter profit rose 28% to its highest in three years, as strong memory chip prices, chip contract manufacturing and display sales outweighed increased costs to produce consumer electronics.

Operating profit rose to 15.8 trillion won ($13.48 billion) for July-September, from 12.35 trillion won a year earlier, the world’s top maker of memory chips and smartphones said.

That was in line with the company’s estimate of 15.8 trillion won earlier this month.

($1 = 1,172.0300 won)

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