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SEOUL: South Korea’s Samsung Electronics Co. said Friday that
second-quarter profit jumped 108 percent year-on-year, and called it
a “relatively solid” performance despite missing market
forecasts.
Operating profit for the April to June period
was 1.89 trillion won ($1.88 billion), while net income surged 51
percent to 2.14 trillion won, it said. Revenues increased 24 percent
from a year earlier to 18.1 trillion won.
But the results were shy of a consensus forecast
for 2.07 trillion won in operating profit and 18.4 trillion won in
revenue, which were made by seven securities houses polled by Yonhap
news agency.
“Samsung demonstrated relatively solid
performance thanks to its competitive LCD business and profitable
memory business, overcoming challenging conditions,” the company
said in a press statement.
Woosik Chu, executive vice president of investor
relations, said challenges included stagnant demand, price drops in
the memory market and growing competition in the mobile and LCD TV
markets.
-- AFP
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