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Apr. 26, 2008

Samsung Electronics reported a 37 percent increase in net profit for its first quarter, due in part to strong demand for wireless handsets in certain markets.

The company posted earnings of $2.2 billion for the first quarter of this year, compared with $1.6 billion for the same period in 2007.

The handset maker said sales were up 19 percent to $17.19 billion, beating the $16.82 billion expectations.

Samsung said that emerging markets such as China and India continued to drive strong growth for the handset business.

The Korean company also announced plans to invest further in its microchip operations.

Woosik Chu, executive v.p. of investor relations said “despite challenging external conditions including an economic slowdown in many developed markets, a stagnant semiconductor market globally and a surge in raw-material prices, Samsung demonstrated solid performance due to its competitive advantage in supply chain management and its strategic positioning in emerging markets.”

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    This article was featured on Business 5.0.

Source: Samsung.