Samsung sees 72% profit fall

Source: Agencies | April 25, 2009, Saturday |

Print Edition

SAMSUNG Electronics Co announced a 72 percent drop in net profit in the first quarter yesterday.

Samsung, the world's leading manufacturer of computer memory chips, liquid crystal displays and flat screen televisions, earned 619.20 billion won (US$463.53 million) in the three months ended March 31, it said in a regulatory filing. That compares with net profit of 2.19 trillion won a year earlier.

Sales during the quarter rose 8.5 percent to 18.57 trillion won from 17.11 trillion won a year earlier.

The company said weak demand for memory chips had continued.

However, the result was an improvement over last year's fourth quarter, when Samsung posted its first quarterly loss.

"The global economy is likely to continue to recover in the second quarter but lingering uncertainty means it is difficult to predict a sharp improvement in demand or the business environment in the near term," Robert Yi, head of investor relations, said.

Samsung said flat panel TV sales remained weak but the company outperformed competitors due to strong performance in North America.

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Samsung sees 72% profit fall

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