Samsung's Q3 profit plunges to near three-year low

BOTTOMING OUT: Samsung reported a near 50% fall in third quarter net profit, as its key smartphone business faltered amid growing competition from Chinese firms in the increasingly saturated market.

SEOUL: Samsung reported its smallest quarterly profit in nearly three years Thursday as its key smartphone business faltered under competition from Apple's iPhone6 and Chinese handset makers in an increasingly saturated market. 

Net profit for the South Korean electronics giant amounted to 4.22tril won (RM13.14bil) for July to September, marking a dramatic fall of 48.8% from a year ago, and the lowest figure since the fourth quarter of 2011.