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Samsung predicts sharp rise in profit

06 июля 2009

Samsung Electronics, the world’s biggest maker of memory chips and liquid crystal display screens, gave a surprisingly bullish profit forecast on Monday, suggesting that the worst might be over for the technology giant.

The company said in a trading update that operating profit in the second quarter might have jumped more than five-fold from the first quarter. It expected operating profit on a consolidated basis to range from Won2,200bn ($1.74bn) to Won2,600bn in the April-June period while revenues were estimated at Won31,000bn to Won33,000bn. The consolidated figures include earnings from overseas affiliates.

It is the first time that Samsung has provided earnings guidance and its share price climbed as much as 4.7 per cent against a 0.2 per cent gain in the benchmark Kospi Composite.

Bank of America-Merrill Lynch raised its recommendation for Samsung from “underperform” to “buy,” citing the company’s earnings growth.

Analysts attributed Samsung’s strong performance to brisk sales of its multimedia mobile handsets and high-margin LCD TVs which use light-emitting diodes as backlights, along with stabilising memory chip prices.

Samsung is set to unveil its second-quarter results on July 24.

Samsung reported its first operating loss of $680m in the fourth quarter and suffered a 72 per cent drop in first-quarter net profit from a year ago.


Источник: Financial Times

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