Harman aided Samsung’s performance in Q1 2017
Samsung completed its acquisition of Harman International on March 11. Harman has since posted its results for the first quarter which reveal that from March 11 to the end of Q1, the company posted 537.749 billion won in sales and 24.449 billion won in net profit.
Harman International Industries is an unlisted company at this point in time so there’s no detailed data available about its performance in the first quarter. However, industry insiders are of the view that its Q1 sales and operating profits have crossed two trillion won and 200 billion won, respectively.
Since the company is now owned by Samsung Electronics, if it performs well, it contributes to the overall performance of Samsung Electronics. Analysts are of the view that Samsung’s acquisition of Harman is going to increase its sales by eight trillion won and its operating profit by 800 billion won in this year alone.
2017 is expected to be a great year for Samsung Electronics. Financial data provider WISEfn predicts that Samsung is going to hit 232 trillion won in sales and 50 trillion won in operating profit this year, breaking the previous record high that it set back in 2013. Samsung’s sales and operating profit back in 2013 was 228.6 trillion won and 36.7 trillion won respectively.Via