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Samsung Elec Q2 operating profit rises 54% on strong chip prices

SEOUL, July 29 (Reuters) - Samsung Electronics Co Ltd reported a 54% rise in second-quarter profit on Thursday as strong chip prices and demand buoyed results despite a decline in smartphone shipments from the previous quarter.

Operating profit rose to 12.6 trillion won ($10.95 billion) for the quarter ended June from 8.1 trillion won a year earlier, the world’s top maker of memory chips and smartphones said.

That was slightly higher than the company’s estimate of 12.5 trillion won earlier this month. ($1 = 1,150.2300 won) (Reporting by Joyce Lee and Heekyong Yang; Editing by Jacqueline Wong)

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