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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Samsung says first quarter profit plummets By KELLY OLSEN,AP Business Writer AP - 57 minutes ago SEOUL, South Korea - Samsung Electronics, the world's No. 1 maker of computer memory chips and flat screen TVs, said net profit plummeted 72 percent in the first quarter as the global economic slump continued to suppress consumer demand. ADVERTISEMENT Samsung earned 619.20 billion won ($463.5 million) in the three months ended March 31, it said Friday in a regulatory filing. The company earned net profit of 2.19 trillion won a year earlier. Samsung Electronics Co., a major global brand, is also the world's leading manufacturer of liquid crystal displays. It is the world's second-largest manufacturer of mobile phones behind Finland's Nokia Corp. Quarterly sales rose 8.5 percent to 18.57 trillion won from 17.11 trillion won a year earlier. Samsung said weak demand for semiconductors, one of its mainstay products, extended into the first quarter. The company manufactures DRAM, or dynamic random access memory, chips used mostly in personal computers as well as NAND flash memory chips used in digital devices such as cameras and music players. The result was still an improvement over the fourth quarter of last year, when Samsung posted its first-ever net loss for a three-month period as the global economic slump hit prices and demand. Samsung said in a release that market conditions were improving, noting the "strong recovery from the fourth quarter" as semiconductor prices stabilized, profit margins for mobile phones increased and the company took steps to control marketing and other expenditures. Still, officials were cautious the outlook for the business in the coming months. "The global economy is likely to continue to recover in the second quarter but lingering uncertainty means it is difficult to predict a sharp improvement in demand or the business environment in the near term," Robert Yi, head of investor relations, said in the release. Samsung said that flat panel TV sales remained weak but the company outperformed competitors due to a strong performance in North America. The company forecast a marginal increase in sales in the second quarter, "driven by seasonal demand and the introduction of digital broadcasting in the United States." Shares in Samsung, which released results early in the trading session, fell 5.6 percent to close at 592,000 won. Separately, Samsung's struggling rival Hynix Semiconductor Inc. reported its sixth straight quarterly net loss, though the total amount of red ink shrank. Hynix's loss totaled 1.18 trillion won in the first quarter, the company said in a regulatory filing. That was an improvement on the 1.69 trillion won in red ink recorded in the fourth quarter of last year. Sales fell 24 percent to 1.2 trillion won. Hynix shares fell 4.7 percent to finish at 15,100 won. Hynix announced results shortly before the market opened. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China's Minmetals eyes OZ Minerals approvalAFP - 34 minutes ago China Construction Bank CFO says to top '09 forecastsReuters - 52 minutes ago India Hot Stocks: Welspun India up on listing news of unitsReuters - 54 minutes ago JAL, ANA say may scrap fuel surchargesAFP - 56 minutes ago Samsung says first quarter profit plummetsAP - 57 minutes ago Most Popular – Business Viewed IMF sees deeper 2009 decline, weak 2010 IMF says world in recession, auto giants flop Fertility doctor on brink of cloning human: report Credit Suisse ends losing streak in first quarter Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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