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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Samsung Electronics posts 13% jump in net profit AFP - 49 minutes ago Send IM Story Print Samsung Electronics posts 13% jump in net profit Slideshow: Full Photo Coverage: Business & Economy SEOUL (AFP) - – Samsung Electronics said Friday that fourth-quarter net profit rose to 3.42 trillion won ($3.07 billion) but forecast a challenging few months ahead after a record-setting year. The world's largest maker of memory chips and flat-screen televisions announced net profit was up 13 percent from October-December 2009, thanks to a strong performance in smartphones and semiconductors. The company, which accounts for 20 percent of the country's exports, finished 2010 with a record net profit of 16.15 trillion won. Operating profit was also a record at 17.3 trillion won, as was revenue at 154.63 trillion. For the fourth quarter, operating profit was 3.01 trillion won, down 12.4 percent from a year earlier, while sales rose 6.7 percent to 41.87 trillion won. The consolidated results cover domestic and overseas operations. Samsung, the world's second largest mobile phone maker after Nokia, said its fourth-quarter performance continued to be driven by memory chips and strong smartphone sales. It said its flagship Galaxy S phone introduced in June has sold 10 million units worldwide. Overall, Samsung shipped 80.7 million mobile phones in the fourth quarter, up 17 percent year-on-year. But quarter-on-quarter, overall profit margins fell due mainly due to weakening pricing for chips and LCD panels, as well as price competition in the TV market. "Despite the difficult business environment including reduced IT demand caused by the economic slowdown, we achieved record-high results both in terms of sales and operating profit in 2010," said vice-president Robert Yi in a statement. "However, considering overall business conditions, unlike 2010, we expect the traditional earnings pattern of a weak first half, with a strong second half to return in 2011." The firm sees greater price competition in consumer electronics, IT and mobile devices, while major components prices are also forecast to decline. Samsung said it would focus on making its semiconductors more cost-competitive, cutting marketing expenses and increasing shipments of high-end smartphones and tablet devices. It forecast capital spending of 23 trillion won this year compared with 21.6 trillion in 2010. The overall profit figure was better than expected. Seven economists polled by Dow Jones Newswires had on average forecast a net profit of 3.05 trillion won. The market welcomed the results, with Samsung Electronics shares closing up 1.6 percent at a record 1,010,000 won. "Demand for electronic devices will remain slow during the first half of this year," IBK Securities' Nam Tae-Hyun told Dow Jones. "But the strong business momentum in its mobile business will continue on strong sales of its smartphones and tablet PCs, and that will help make up for any other business underperformers." Recommend Send IM Story Print Related Articles Turkey's Tofas sees pickup in demand, to hire 500 people Reuters - 29 minutes ago Taiwan's ASE Q4 net up 43.8 pct; sees capex flat Reuters - 33 minutes ago DAVOS-Yen better reflects fundamentals after rating cut-ADB Reuters - 34 minutes ago CNOOC slumps 6 pct after conservative 2011 output target Reuters - 35 minutes ago WRAPUP 2-U.S., Japan told time running out to deal with debt Reuters - 38 minutes ago News Search Top Stories Mandela 'very sick' but life not in danger Charlie Sheen rushed to hospital after 'wild' party US financial crisis 'avoidable' says probe Egypt activists keep up the heat, boosted by ElBaradei 'Thunder-snow' storm buries US north-east More Top Stories » ADVERTISEMENT Most Popular Most Viewed Bad eating can give you depression: study Rare Sumatran tiger gives birth to three cubs Mandela 'very sick' but life not in danger Charlie Sheen rushed to hospital after 'wild' party Cruz, Bardem baby boy 'doing great': spokeswoman More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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