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Samsung Elec Q3 profit rises to 3-year high on chip sales -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Samsung Electronics’ logo can be seen on the dishwashing machine at its Seoul store, South Korea, August 27, 2020. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Samsung Electronics Co Ltd saw its third quarter profits rise 28%. The strong memory chip price, chip contract manufacturing, display sales and increased production costs all outweighed the higher cost of making consumer electronics.

According to the top manufacturer of memory chips for smartphones, operating profit rose from 12.35 billion won in a year prior to reach 15.8 trillion won.

It was also in line with 15.8 trillion won that the company had earlier this month.

$1 = 1,172.0300 won

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