By Allen Tsai | Mon Nov 02, 2009 12:49 am |
Samsung has reported its best ever quarterly net profit thanks to higher prices for consumer products such as mobile phones, memory chips and LCD screens.
The South Korean company posted forecast-beating earnings of $3.14 billion, compared to a net profit of $1.02 billion a year earlier.Its July-September sales rose 29 percent to $21.0 billion during the quarter from $16.3 billion last year. Samsung said its record profits were attributed to not only an increased demand for mobile devices but also higher prices for memory chips, flat screen TVs and liquid crystal displays. It sold 60.2 million handsets in the third quarter, up 16 percent from last year and is gaining market share. "We expect the global economic recovery to drive demand growth of most IT and consumer electric products," said Robert Yi, Samsung's head of investor relations. "We are cautiously forecasting our 2010 profitability may improve that of 2009." In August, the company said it would focus on touch screen devices -- using Google's Android and Microsoft's Windows Mobile 6.5 -- with advanced AM-OLED display technology for longer battery life and improved video and photo images. Samsung has now posted three straight quarters of net profit after suffering its first loss late last year, when the global financial crisis dropped the demand and prices for consumer electronics.
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