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Friday, January 27, 2012

Samsung Electronics announces financial results, with revenue up but profit down

Samsung Electronics has announced its full year and fourth quarter financial results for 2011. Revenue for the year reached an all-time high of 165 trillion won (around £94 billion), up 7% from 2010, although net income was down 15% to 13.73 trillion won and operating profit was down 6% to 16.25 trillion won.

Robert Yi, Senior Vice President and Head of Investor Relations at Samsung, said “Despite intensified competition amid the global economic slowdown, our Telecommunications businesses continued to post solid earnings with an enhanced line-up of high-end smartphones, resulting in higher average selling price. Moreover, improved profitability and earnings growth of our Set businesses, including smartphones and flat panel TVs led to our company’s strong earnings .”

The company’s telecommunications businesses registered full year 2011 operating profit of 8.27 trillion won, up 90% year-on-year, with total sales achieving an all-time yearly high of 55.53 trillion won (almost one-third of Samsung’s total revenue for the year). Mobile phone shipment volumes were not disclosed, although the company has previously said it shipped over 300 million mobile devices last year.

[Earnings presentation (pdf)]

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