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April 30, 2009

Samsung revenue up 9% in Q1

Net profit down 72% to KRW 0.62 trillion

By CBR Staff Writer

Samsung Electronics has reported a 72% fall in net profit to KRW 0.62 trillion ($462m) for the first quarter 2009, compared to KRW 2.2 trillion ($1.64 billion) last year, on revenue up 9% at KRW 18.6 trillion ($13.9 billion).

Operating profit fell 93% to KRW 0.15 trillion ($112m) during the quarter, compared to KRW 2.2 trillion ($1.64 billion) last year. Cash and cash equivalents by the end of the quarter was KRW 4.73 trillion ($3.5 billion).

The company said LCD sales fell 14% to KRW 3.8 trillion ($2.8 billion), while telecoms revenue grew 34% to KRW 8.1 trillion ($6 billion). Semiconductor revenue fell 15% to KRW 3.7 trillion ($2.75 billion) and digital media revenue increased 31% to KRW 2.93 trillion ($2.2 billion).

During the quarter, the company merged its semiconductor and liquid crystal display divisions, and its digital media and telecommunications divisions.

Robert Yi, head of investor relations at Samsung, said: The global economy is likely to continue to recover in the second quarter, but lingering uncertainty means it is difficult to predict a sharp improvement in demand or the business environment in the near term.

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