Samsung Electronics reports 37 pct rise in net profits in Q1
South Korean electronics giant Samsung Electronics Friday reported a 37 percent year-on-year rise in net profit thanks to strong sales of flat-screen panels and handsets.
By Agencies |
SEOUL: South Korean electronics giant Samsung Electronics Friday reported a 37 percent year-on-year rise in net profit thanks to strong sales of flat-screen panels and handsets.
Net profit was 2.19 trillion won (2.2 billion dollars) in January-March on a parent basis compared to 1.6 trillion won a year earlier, the company said in a statement.
Sales rose 19 percent to 17.11 trillion won and operating profit surged 82 percent to 2.15 trillion won.
The company credited increased profits to the performance of its liquid crystal display and handset divisions despite a sluggish memory business, and to a weaker won.
The firm, flagship of the Samsung group whose chairman Lee Kun-Hee resigned this week, is the world's top maker of LCDs and the second-largest mobile phone maker.
It employs about 150,000 people in 62 countries. "We had a lot of obstacles in the first quarter, such as raw material price rises, a deteriorating memory market and clouded management plans," said Chu Woo-Sik, executive vice president in charge of investor relations.
Under normal circumstances," Chu said in reference to the scandal facing the group.
Lee stepped down after special prosecutors mounting an inquiry into alleged corruption charged him with tax evasion and breach of trust.
The company said it plans to invest seven trillion won in its memory chip division this year, of which 1.5 trillion will be earmarked for its US semiconductor factory in Austin, Texas.
Net profit was 2.19 trillion won (2.2 billion dollars) in January-March on a parent basis compared to 1.6 trillion won a year earlier, the company said in a statement.
Sales rose 19 percent to 17.11 trillion won and operating profit surged 82 percent to 2.15 trillion won.
The company credited increased profits to the performance of its liquid crystal display and handset divisions despite a sluggish memory business, and to a weaker won.
The firm, flagship of the Samsung group whose chairman Lee Kun-Hee resigned this week, is the world's top maker of LCDs and the second-largest mobile phone maker.
It employs about 150,000 people in 62 countries. "We had a lot of obstacles in the first quarter, such as raw material price rises, a deteriorating memory market and clouded management plans," said Chu Woo-Sik, executive vice president in charge of investor relations.
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The company, however, achieved solid growth by strengthening competitiveness and because of external factors such as setbacks by competitors, he added. Under normal circumstances," Chu said in reference to the scandal facing the group.
Lee stepped down after special prosecutors mounting an inquiry into alleged corruption charged him with tax evasion and breach of trust.
The company said it plans to invest seven trillion won in its memory chip division this year, of which 1.5 trillion will be earmarked for its US semiconductor factory in Austin, Texas.
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It also announced that it will invest 1.8 trillion won to build a new LCD line at its plant operated jointly with Sony Corp south of Seoul in Tangjeong.Download
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