Samsung Electro-Mechanics Co., an electronic component affiliate of Samsung Group, said Tuesday its third-quarter net profit fell nearly 25 percent from a year ago due to a strong local currency. Net income amounted to 124.2 billion won (US$89.9 million) for the July-September period, down 24.7 percent from 164.9 billion won a year earlier, the company said in a regulatory filing. Its operating profit rose 19.5 percent on-year to 224.9 billion won and revenue increased 11 percent to 2.61 trillion won. The operating profit was in line with the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Samsung Electro-Mechanics said the net income in the third quarter reflected a foreign exchange loss stemming from the strong Korea won against the U.S. dollar. Revenue increased across all applications, particularly industrial and automotive multi-layer ceramic capacitors for artificial intelligence (AI) and servers. The company expected a slowdown in sales in the fourth quarter due to seasonal declines in component sales. But demand for high-performance products, such as those for AI and vehicle components, will continue to grow. Source: Yonhap News Agency
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