Samsung forecasts near 30% profit in Q3

South Korean tech giant Samsung Electronics defied the global supply chain challenges to forecast a near-30-percent jump in third-quarter operating profits on Friday.

The world's biggest smartphone maker said it expected its operating profits to reach around 15.8 trillion won ($13.3 billion) in a regulatory filing, up 27.9 percent year-on-year.

The company is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world's 12th largest economy.

Samsung Electronics estimated sales for the July-September period at 73 trillion won, up 9.0 percent year-on-year -- a record for any quarter, a spokeswoman told AFP.

The coronavirus has wreaked havoc on the world economy, with lockdowns and travel bans imposed around the globe for many months.

But the pandemic - which has killed around 4.8 million people worldwide - has also seen several tech companies boom.

Coronavirus-driven working from home has boosted demand for devices powered by Samsung's chips, as well as home appliances such as televisions and washing machines.

Now supply chain problems are hitting economic activity around the world, with companies facing shortages of key commodities, components and shipping capacity.

But weakness in the South Korean won against the US dollar has boosted the chip maker's profit margins, particularly in its smartphone business, according to analysts.

The currency effect has offset troubles caused by "disruptions in smartphone shipments", which were triggered by parts shortages and coronavirus lockdowns in Vietnam and India, where Samsung has production lines, Hana Financial Group said in a report.