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Samsung Electronics Co Ltd on Friday said third-quarter operating profit likely rose 28 per cent to its highest in three years, helped by rising memory chip prices and brisk sales of its new foldable smartphones.

The world’s largest memory chip and smartphone maker estimated July-September profit at 15.8 trillion won (US$13.3-billion), versus a Refinitiv SmartEstimate of 16.1 trillion won.

Revenue likely rose about 9 per cent from the same period a year earlier to a record 73 trillion won, Samsung said in a short preliminary earnings release. It is due to announce detailed earnings later this month.

Rising memory chip prices and shipments, plus a jump in profitability at Samsung’s chip contract manufacturing business, likely raised the chip division’s operating profit by about 79 per cent from a year earlier, analysts said.

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