Samsung profit rises on growth in memory chip business

SEOUL: Samsung Electronics Co posted quarterly profit that topped analyst estimates on growth in its memory chip business, but signalled caution in semiconductors by announcing a cut in capital spending for the year.

Net income rose to 13 trillion won (US$11.4bil) in the three months ended September, the Suwon, South Korea-based company said in a filing yesterday. That compares with the 12.9 trillion won average of estimates compiled by Bloomberg. Capital spending this year will drop 27 percent to 31.8 trillion won.