Samsung net profit rises 29 per cent in third quarter

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South Korean electronics giant Samsung on Thursday reported net profit of 5.46 trillion won (4.82 billion US dollars) in the third quarter, a 29-per-cent rise over the same period last year.

The world’s biggest smartphone manufacturer had earned 4.22 trillion won during the July to September period in 2014.

Sales in this year’s third quarter were 51.68 trillion won, while operating profit rose sharply year-on-year to 7.39 trillion won.

The jump in profits came from strong chip sales and a fall in value of the won compared to last year, Yonhap News Agency reported.

The company also announced Thursday it would buy back 11.3 trillion won worth of shares to increase shareholder value, Yonhap said. All the shares purchased will be cancelled, the firm said.

Shares rose more than three per cent on the news.

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