Samsung posts best quarterly profit since Sep'13 at $8.7 bn

Revenue rose 2 per cent to 50.5 trillion won

Samsung Electronics on Thursday flagged stronger earnings and announced a cancellation of treasury shares after posting a solid first-quarter profit boosted by the memory chip business, sending its shares to a new high.
 
Samsung rejected a call from US activist hedge fund Elliott to split itself in two but accepted part of the fund's proposals on Thursday, revealing plans to cancel its existing treasury shares worth over $35 billion by 2018.
 
While the first quarter was a torrid time for Samsung as chief Jay Y Lee was swept up in a political corruption scandal, the world's top maker