Samsung Electronics says Q3 net profit slumps 52%

Seoul, Oct 31 (AFP) Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, amid a continued downturn in the global chip market. Net profits in the three months to June were USD 5.40 billion, it said in a statement -- down 52 per cent year-on-year.

"Earnings from the Memory Business slumped significantly year-on-year as memory chip prices continued its downward trend," it said in a statement. The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy.

But in recent months it has been battered by falling memory chip prices as global supply increases. Samsung is also battling challenges from the US-China trade war and touch export restrictions imposed by Tokyo on key supplies amid a dispute with Seoul over wartime forced labour.

Last week a retrial began for its vice-chairman Lee Jae-yong over a sprawling corruption scandal that could see him return to prison. 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)