Samsung predicts strong 2010

Samsung Electronics has just announced its fourth quarter and FY 2009 financial results. The company achieved record revenue and profit results for the year and expects 2010 to be even stronger.

According to the report, Samsung Electronics recorded revenue of 39.24 trillion Korean won on a consolidated basis for the fourth quarter ending 31 December 2009, which was an increase of 18.9 per cent year-on-year.

Consolidate operating profit for the quarter was at 3.70 trillion won, a 12.5 per cent decline quarter-on-quarter and up from a loss of 740 billion won in the same period a year ago. Income before income taxes also reached 3.61 trillion won on a consolidated basis.

At the end of the fourth quarter, Samsung’s full year 2009 revenue was at a record 136.29 trillion won and full year 2009 operating profit was 10.92 trillion won. Net income on a parent company basis was 9.64 trillion won.

Robert Yi, vice president and head of Samsung Electronics, commented on the results.

“Despite the uncertain business environment in 2009, Samsung was able to achieve record revenues and strong profitability based on our technological and marketplace leadership,” said Yi.

“We see this positive growth and performance flowing on into 2010 as the global economy continues to stabilise.”

Sales across LCD and mobile phones proved to be very popular categories for Samsung over the period. Samsung’s LCD business recorded an operating profit of 0.53 trillion won and revenue reached 6.34 trillion won, a 20.9 per cent increase YOY.

In terms of the mobile business, Samsung registered an operating profit of 0.99 trillion won in the fourth quarter and revenue reached 11.57 trillion won, a 21.1 per cent increase YOY.

Sales of mobile phones for the quarter reached 69 million units, which is up 16 per cent YOY. Samsung exceed its expectations and shipped 227 million units in the quarter.

The new LED range of televisions also performed well, with 2.5 million units shipped over the course of the year.

Samsung is forecasting positive growth across its businesses in 2010 and is expecting the economic recovery to stimulate demand for flat panel TVs, mobile handsets and notebook PCs.

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