Samsung Elec says Q3 operating profit likely almost tripled from yr ago

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Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries.

The Note 8 received 850,000 pre-orders in South Korea, the highest ever for the series.

The company said its operating profit will come in around 14.5 trillion won ($12.8 billion), almost tripling from the year-ago period when it was suffering the fallout from its Note 7 recall.

The South Korean tech giant's new record is a rise of 178.85 percent from last year, when profits were at a three year low of 5.2 trillion won due to the Galaxy Note 7 debacle.

The company is set to release its final earnings report later this month.

Revenue likely rose 29.7 percent from a year earlier to 62 trillion won, Samsung said in a regulatory filing.

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Samsung raked in 8.03 trillion won from the chip business in the April-June period in operating profit, along with 4.06 trillion won from the mobile arm.

Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) has expected another record quarterly operating earnings on booming demand for displays and memory chips.

Samsung Electronics Vice Chairman Lee Jae-yong is now behind bars after a local court found him guilty of bribery and embezzlement in a massive corruption scandal that led to the ousting of former President Park Geun-hye.

The consumer electronics division will also benefit from strong seasonal demand, he added.

Analysts forecast Samsung's 2017 net income almost doubled from 2016 and say the best is yet to come.

Shares in Samsung Electronics were trading down 0.77 percent on heavy profit taking in mid-morning trade.

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