Samsung reports its first quarterly loss

IANS

National,Business

Fri, 23 Jan 2009: 

Seoul, Jan 23 (DPA) Samsung Electronics Co, the leading South Korean electronics maker, posted its first quarterly loss, saying Friday that it was 20 billion won ($14.59 million) in the red in the final quarter of 2008.

 

The world's largest maker of memory chips and liquid-crystal displays said the fallinprices of memory chips and sinking demand for electronics during the global economic downturn was the cause for the loss after it had seen a profit of 2.

21 trillion won in the same quarter a year earlier.

 

 

The company also reported a 940-billion-won operating loss for 2008's fourth quarter and a 5.4 percent year-on-year fall in sales to 18.45 trillion won.

 

 

For all of 2008, Samsung reported a net profit of 5.53 trillion won, down from 7.4 trillion won in 2007. Full-year sales rose 15 percent to 72.9 trillion won.