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October 31, 2009

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Samsung's Q3 earnings triple to record

SAMSUNG Electronics Co yesterday said third-quarter net profit tripled to a record amid higher prices for computer memory chips and increased sales of consumer products from flat screen televisions to mobile phones.

South Korea's biggest corporation and a world leader in consumer electronics earned 3.72 trillion won (US$3.14 billion) in the three months ended September 30, it said. Samsung posted net profit of 1.22 trillion won a year earlier.

The quarterly net profit was an all-time high for the company, said spokesman Reuben Staines. The previous record was 3.14 trillion won in the first quarter of 2004.

Sales at the Suwon, South Korea-based company rose 29 percent to 24.86 trillion won during the quarter from 19.3 trillion won a year earlier. That was also a record, Staines said.

Samsung is a major force in global electronics, making not only consumer products but also key components such as memory chips and panels.

The company is the world's biggest seller of flat screen TVs, computer memory chips and liquid crystal displays. It ranks No. 2 behind Finland's Nokia Corp in mobile phones.

The company said in a statement it benefited from higher prices for computer memory chips as well as increased demand. Sales of flat screen TVs increased 24 percent from the same quarter last year to 7.73 million.

It also sold 60.2 million mobile phone handsets in the third quarter, up 16 percent from last year and is gaining market share.

"We expect that when all results are in our market share should reach 20 percent for the first time," Robert Yi, a Samsung vice president, told analysts on a conference call.

Samsung has now recorded three straight quarters of net profit after suffering its first loss during the final three months of last year as the global economic slump eroded prices and weakened demand for its mainstay products.


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