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Samsung Posts Sales, Net-Income Gains in Q3

Samsung posted solid gains in sales and net income in its third quarter despite flat consumer electronics sales.

Mobile-device sales rose, as did operating profits in the CE and mobile communications sectors, Samsung said. The mobile sector consists of cellphones and tablets.

On a year-over-year basis, consolidated sales rose 8.9 percent to 51.68 trillion won ($45.2 billion), while operating profits rose 82 percent to 7.39 trillion won ($6.5 billion). Net profits rose 29.4 percent to 5.46 trillion won ($4.8 billion).

In its fiscal second quarter, Samsung’s net profits and sales were down.  Net profit fell 8 percent to 5.75 trillion won, and sales were down 7.3 percent to 48.54 trillion won.

Segment by segment: In the CE segment, sales were essentially flat at 11.59 trillion won  ($10.1 billion) compared with the year-ago quarter. But operating income soared 620 percent to 0.36 trillion won $315 million).

In mobile phones, sales were up 10.3 percent to 25.95 trillion won ($22.7 billion). Operating profit in the IT and mobile segment, which consists almost entirely of mobile communications devices, rose 37 percent to 2.4 trillion won ($2.1 billion).

JinYoung Park, VP of the mobile communications business, said the company’s large-screen smartphone flagships, the Galaxy Note 5 and Galaxy S6 Plus, are exceeding sales of their predecessors. The new models were launched in the third quarter.