Samsung Reports Higher Q1 Sales, Profits

Samsung Electronics reported higher sales and profits for the first quarter of 2006, helped by strong sales of LCD panels, the company said Friday.

Net profit for the quarter was 1.9 trillion won (US$2 billion) as of March 31, the final day of the period being reported, up 25 percent on the first quarter of 2005, and sales were 14 trillion won, up 1 percent on the same period last year.

However, with the exception of its LCD business, Samsung saw sales fall in each of its other business units: semiconductors, telecommunications, digital media and home appliances.

“On the business front, the overall environment remained challenging in the first quarter with a weaker seasonal IT market, higher oil prices and Korean won appreciation,” said Chu Wooksik, senior vice president of investor relations at Samsung, in a telephone conference call. “However, we have continued to produce solid results through difficult circumstances.”

-Martyn Williams, IDG News Service

For related news coverage, read Samsung to Launch Q1 Ultra Mobile PC In May and Sony, Samsung Plan $2B LCD Plant.

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