Business News

Samsung reports second-quarter profit, beats forecasts

Jul 24, 2009, 4:48 GMT

Seoul - The world's largest computer chipmaker, South Korea's Samsung Electronics Co, on Friday reported a 5.2-per-cent rise in net profit in the second quarter. Net profit rose from 2.14 trillion won (1.8 billion dollars) in the April-to-June quarter of 2008 to 2.25 trillion won in the same period this year, the company said. The increase surpassed market expectations. However, operating profit was down to 1.06 trillion won from 1.89 trillion won. Samsung's earnings were boosted by growing demand for flat-screen televisions and mobile phones. The company is the world's leading producer of LCD, or liquid crystal display, televisions and the second-largest mobile phone maker after Finland's Nokia. Sales were up 15.9 per cent to 21 trillion won year-on-year. Samsung expected earnings to improve further this year after a recovery in the memory chip business but remained cautious that profits could be affected by intensifying competition and a stronger won. 'Despite a strong won and an increase in marketing costs, we will be able to see improving earnings in the third quarter and solidify our market dominance,' Samsung said.

Business News

Samsung reports second-quarter profit, beats forecasts

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