Samsung has announced that its profits nearly doubled to $5.1
billion during the first quarter of 2012, as the world's largest
smart phone manufacturer saw its sales climb.
The news comes despite slowing demand from the U.S. and continued
concern about an economic recovery in Europe.
Stocks across Asia were mixed on Good Friday as investors
digested a disappointing bond sale yesterday in Spain, whose
economy is struggling with massive debt. Markets in Europe were
closed for the Easter holiday.
Overnight, Seoul's KOSPI (
) edged up 0.01%. Samsung shares rose 0.15% on the back of strong
first quarter profits widely attributed to the success of its
"There was a big surprise in profit," Choi D-Yeon of LIG
Investment & Securities told the BBC. "Revenue was in line,
which suggests a stronger-than-expected profit margin from the
handset division thanks to robust sales of high-end models like
the Galaxy S and Note."
The Shanghai Composite (
) got a bump of 0.19%, while the Taiwan Weighted climbed 0.87%.
Taiwan's Hon Hai, the parent company of Foxconn which
manufactures products for Apple in China, announced that it would
raise the salaries of its staff in Taiwan in the face of the
rising cost of living.
The move comes after Foxconn, which has been a media focal
point for working conditions in Chinese factories, increased the
wages of its Chinese employees by as much as 25%.
Meanwhile in Tokyo, the Nikkei (
) dropped 0.81%.
The Chinese yuan slipped 0.11% to 6.3052 to the dollar, while
the Japanese yen appreciated 0.07% to 82.41 against the