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Samsung aims to end confusion
Source: Agencies |
July 7, 2009, Tuesday
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Print Edition
Print Edition
SAMSUNG Electronics Co announced quarterly earnings estimates for the first time yesterday, saying it hopes to reduce market confusion and speculation about its performance.
The Suwon, South Korea-based corporation said it expects to record consolidated sales of between 31 trillion won (US$24.46 billion) and 33 trillion won for the three months ended June 30.
The company, the world's biggest manufacturer of memory chips and second-largest maker of mobile phones, estimated operating profit at between 2.2 trillion won and 2.6 trillion won.
Samsung does not release a consolidated net profit figure and issued no estimate for that. Samsung's announcement also included no estimates for its earnings on a parent basis, which include net profit.
It is to continue providing earnings estimates after the end of each quarter.
"Samsung believes that growing interest in the company's quarterly earnings and competing forecasts have led to more confusion in the market ahead of the recent earnings release announcements," the company said.
It expects the move will "help not only minimize speculations in the market but also help enhance company transparency and provide investors with a more accurate expectation of the earnings."
The company earned 619.20 billion won on a parent basis in the three months to March 31, down 72 percent from the same period the year before. Sales rose 8.5 percent to 18.57 trillion won.
The Suwon, South Korea-based corporation said it expects to record consolidated sales of between 31 trillion won (US$24.46 billion) and 33 trillion won for the three months ended June 30.
The company, the world's biggest manufacturer of memory chips and second-largest maker of mobile phones, estimated operating profit at between 2.2 trillion won and 2.6 trillion won.
Samsung does not release a consolidated net profit figure and issued no estimate for that. Samsung's announcement also included no estimates for its earnings on a parent basis, which include net profit.
It is to continue providing earnings estimates after the end of each quarter.
"Samsung believes that growing interest in the company's quarterly earnings and competing forecasts have led to more confusion in the market ahead of the recent earnings release announcements," the company said.
It expects the move will "help not only minimize speculations in the market but also help enhance company transparency and provide investors with a more accurate expectation of the earnings."
The company earned 619.20 billion won on a parent basis in the three months to March 31, down 72 percent from the same period the year before. Sales rose 8.5 percent to 18.57 trillion won.
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