26.04.201701:33:00UTC+00Samsung Posts Best Quarterly Profit Despite Note 7 Debacle

Samsung Electronics reported its best quarterly operating profit in over three years, bolstered by the robust memory products and display panels sales and helping the South Korean conglomerate recover from the expensive Galaxy Note 7 smartphone fiasco.

Samsung suffered a costly recall of its Note 7 smartphone last year after units began catching fire across the world, with the company ultimately discontinuing the handset model in October.

During the quarterly statement, the company disclosed what it is believed to be the cause of the device's problem, putting the blame directly on the phone's batteries.

The world's biggest smartphone and memory chip maker said operating profit for the final quarter of the 2016 business year came in at 9.2 trillion won, precisely in accordance with projections and its highest since the Q3 of 2013. The figures put the annual figure at 29 trillion won, denoting a 10 percent surge from 2015.

In a statement, the company said that Samsung displayed a solid performance 2016 in regardless of the scrapping of Note 7 during the second half because of the continuous efforts in the recent years to solidify its integrated business competitiveness.

The company also noted the string of key acquisitions it has made which it sees as a stepping stone towards future growth.