Samsung SDI's operating profit soars in Q3 on one-off factor

Source:Xinhua Published: 2012-10-30 15:13:15

Samsung SDI, the world's largest maker of plasma display panel (PDP) and renewable batteries, saw its operating profit soar in the third quarter thanks to a one-off factor from sales of stock holdings, a regulatory filing showed Tuesday.

Consolidated operating profit reached 1.52 trillion won ($1.39 billion) during the July-September period, up 3,435.2 percent from the same period of last year, according to the regulatory filing. The profit was up 1,710.7 percent from three months earlier.

The record profit was attributable to a one-off stock sale profit amounting to 1.44 trillion won. Samsung SDI's affiliate Samsung Mobile Display merged with Samsung Display on July 1, offering the stock sale profit for Samsung SDI.

Revenue increased 3.8 percent on-year to 1.5 trillion won in the third quarter, and net income surged 1,099 percent to 1.2 trillion won.

Samsung SDI said in an e-mailed statement that the revenue growth came as its PDP and renewable battery businesses showed solid performance despite the persistent global economic recession.

Rechargeable battery business saw its revenue jump 18 percent on-year to 904 billion won in the third quarter thanks to strong demand for polymer batteries used in tablet PCs and laptops as well as demand for batteries used in smartphones.

Sales in the PDP division increased 4 percent on-year to 499 billion won in the third quarter due to strong demand from advanced nations ahead of the Black Friday shopping season.

Samsung SDI said that it will strengthen its lead in the PDP and rechargeable battery businesses down the road, adding that it will expand its presence in the auto battery market by increasing mergers & acquisitions (M&A).

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