Samsung sees 2016 profit jump despite Note 7 debacle

Samsung Electronics said its profit rose almost 20 percent in 2016 despite nearly flat sales and the costly recall of the Note 7 smartphone. The company reported an annual net profit of 22.7 trillion won (US$19.5 billion), up 19.2 percent, on sales of 201.9 trillion won (US$173.5 billion), up just 0.6 percent. Samsung saw some of its biggest sales gains in memory chips on the back of strong demand from smartphone makers. The company is one of the world's biggest memory chip manufacturers. The mobile division saw sales fall 3 percent in 2016 to 97.8 trillion won.