October 22, 2008 / 4:38 AM / 9 years ago

Samsung SDI posts Q3 profit on batteries, savings

SEOUL, Oct 22 (Reuters) - South Korea’s Samsung SDI (006400.KS) said on Wednesday it swung to a net profit in the July-September quarter, helped by growth in its battery business and cost savings in its plasma screen unit.

Samsung SDI posted net profit of 58.7 billion won ($43.51 million) in the third quarter to Sept. 30, rebounding from a 103 billion won shortfall a year earlier and against a 49.6 billion won profit in the second quarter.

    The result beat a consensus forecast for a 43 billion won profit by Reuters Estimates.

    Samsung SDI, which sells plasma screens, rechargeable batteries and next-generation organic displays, is recovering from a tough series of quarterly losses thanks to strong demand for batteries and a restructuring plan that has seen Samsung Electronics Co Ltd (005930.KS) take over management of the plasma panel business.

    Under the restructuring, Samsung SDI also spun off its mobile display unit, which is set to turn into a joint venture with Samsung Electronics at the end of this year. (Reporting by Marie-France Han and Rhee So-eui; Editing by Kim Coghill)

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