Samsung posts big profit

SamsungSouth Korean giant Samsung said that it has turned in an operating profit of $6.5 billion, with revenues rising 8.9 percent compared to the same period last year.

And it posted a profit in its mobile division, attributing the growth to sales of its Galaxy Note 5. It said it would turn in similar profits in its fourth financial quarter.

The company attributed its profitability mainly to sales of components.

Like other smartphone vendors, it doesn’t expect business to be quite as buoyant next year – largely due to competition at the low end from Chinese manufacturers and saturation in the developed market.

As a result of its profitability, Samsung will buy back close to $10 billion worth of shares and give shareholders a third to a half of free cash flow through dividends.