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Monday, November 1, 2010

Samsung announces quarterly results with record profit

Samsung Electronics has announced revenue of 40.23 trillion Korean won (around £22.45 billion) for the third quarter of 2010. That's a 12% increase year-on-year and exceeds the previous record for quarterly revenue from Q4 2009.

Consolidated net income reached a record 4.46 trillion won, up 17% year-on-year, while consolidated operating profit was 4.86 trillion won.

Samsung's Mobile Communications Business sold 71.4 million handsets during the third quarter, an increase of 19% percent.

Robert Yi, Vice President and head of Samsung Electronics’ Investor Relations Team, said "In the third quarter, Samsung faced a challenging business environment including declining demand for PCs and TVs, along with a continued economic slowdown in developed markets such as US and Europe. Despite this, we achieved strong revenue growth and profitability, which was built upon our cost competitiveness in memory semiconductors and increased sales of cutting-edge products such as our latest smartphones."

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Author: The Fonecast
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