SEOUL (Reuters) - Samsung Electronics Co Ltd (005930.KS), the world’s top maker of memory chips, posted a 51 percent rise in second-quarter profit as strong earnings in flat screens and handsets made up for sluggish chip results.
The South Korean company, also the world’s top maker of liquid crystal display (LCD) screens, reported April-June net profit of 2.14 trillion won ($2.12 billion) versus 1.42 trillion won a year ago during a market slump for dynamic random access memory (DRAM) chips used mainly in personal computers.
The result missed a forecast for 2.30 trillion won from 10 analysts polled by Reuters.
Samsung had earned 2.19 trillion won in January-March.
April-June operating profit rose to 1.89 trillion won from 911 billion won a year ago, below the 2.08 trillion won predicted by analysts. First-quarter operating profit was 2.15 trillion won.
Samsung faces a tougher second half with a likely steep downturn in the display sector, slowing sales of high-end phones and continued weakness in chips.
Shares in Samsung, valued at about $85 billion, were flat in April-June, while the broader KOSPI share index .KS11 fell 1.7 percent.
Reporting by Rhee So-eui, Editing by Jonathan Hopfner and Ian Geoghegan