LG sees best first quarter for almost eight years

Samsung's January-March operating income rose 48 percent to 9.9 trillion won ($8.8 billion), from 6.7 trillion won a year earlier.

Samsung Electronics has today announced its earnings forecast for the first quarter of the fiscal year 2017.

Samsung vice-chairman and de facto leader, Lee Jae-yong, has appeared in court in South Korea to stand trial on bribery charges.

Samsung's Galaxy Note 7 smartphone was plagued with problems which caused the device to overheat and in some cases catch fire.

The result was higher than the market consensus of 9.3 trillion won, according to financial data provider FactSet.

Ms Park was arrested last week, after being impeached, and sent to a detention centre, although she has not yet been formally charged.

However, Lee's involvement in the corruption scandal is unlikely to have any long-term impact on Samsung's brand, analysts says.

Samsung's donation to the Choi-controlled foundations is suspected of being made in return for getting support in the merger of two Samsung affiliates in July 2015.

The scandal engulfed Park's administration, prompted millions of South Koreans to regularly protest in the streets and culminated in Park's ousting in March.

The legal team said the prosecutor's charges against Lee were based on "prejudice and prejudgement" and not backed up by evidence.

Analysts said strong demand for mobile chips and displays for smartphones fueled the stellar profit during the typically slow season for smartphones and television sets.

The company's components business, consisting of display panels and memory chips, is likely to have helped boost the company's profit in the first quarter.

Although its IT and mobile business is presumed to have posted lackluster earnings on the suspension of the ill-fated Galaxy Note 7, industry watchers said the Galaxy S8 and the Galaxy S8 Plus, which will hit shelves this month, will help the company recoup earnings down the road. Refurbished Galaxy Note 7 units will most likely see their batteries swapped for safer units, and undergo rigorious quality assurance tests to make sure they do not pose any safety risks for consumers.

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