Global slump: Samsung reports loss

Posted By: Staff
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Seoul, Jan 23: Due to global slump there is less demand for electronics and even the prices of memory chips have gone down. It is causing loss for many electronic companies. The leading South Korean electronics maker, Samsung Electronics presented its first quarterly loss on Jan 16, Friday that it was 20 billion Won (currency of South Korea) ($14.59 million) in the red in the final quarter of 2008.

Samsung is the world's largest maker of memory chips and liquid crystal displays. The 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.

OneIndia News (With inputs from Agencies)

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