Samsung estimates big rise in Q2 profit

SEOUL: South Korea's Samsung Electronics said Monday it expects second-quarter operating profit of 2.2-2.6 trillion won (1.7-2 billion dollars), a sharp increase from the first quarter.

The firm, the world's largest maker of computer memory chips, was for the first time providing earnings guidance ahead of its official quarterly earnings announcement on July 24.

The company said it expects second-quarter revenue of 31-33 trillion won. Both figures are on a consolidated basis, which includes results from overseas subsidiaries.

Samsung reported consolidated revenue of 28.7 trillion won and operating profit of 470 billion won in the first quarter.

The firm said it plans to provide quarterly earnings guidance in future to minimise market speculation and enhance transparency.

The company, the flagship of South Korea's biggest business group, had consolidated sales of 96 billion dollars last year and employs 164,600 people in 61 countries.