Samsung Electronics Profit Rises

Profits at Samsung Electronics rose 5% to 2.25tn won (£1.09bn; $1.81bn) in the second quarter from the same quarter a year ago, surprising analysts.

South Korea 's biggest company was helped by rising sales of flat screen televisions and mobile phones as well as higher prices for memory chips.

Samsung said its results were "outstanding" in the current climate, BBC News reports.

South Korean shares closed higher Friday, with the index firmly above 1500 for the first time since September, on a string of positive earnings, including those of bellwether Samsung Electronics.

However, profit-taking capped the index's gains, said analysts.

The Korea Composite Stock Price Index, or Kospi, added 6.10 points, or 0.4%, to 1502.59, its highest close since Aug. 21 when it ended at 1512.59.

The Kospi also rose for the ninth consecutive session, its longest winning streak since early April 2006, with a 9% gain over nine days , Wall Street Journal reports.

However, "Samsung achieved outstanding results in the second quarter with our consumer electronics business remaining strong and a solid performance in the still challenging components market," Robert Yi, head of Samsung's investor relations team, said in a statement , AFP reports.

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Author`s name: Editorial Team