[KOREAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Korean economic news to share with you which is as undermentioned.
Samsung Electronics Co. said Tuesday its operating profit plunged 28.7 percent in the fourth quarter compared with a year ago due to weak memory demand, falling far short of market expectations.
Operating profit came to 10.8 trillion won ($9.66 billion) in the October-December period, the South Korean tech behemoth said in a regulatory filing. This is down 38.5 percent fr om 15.1 trillion won posted a quarter earlier.
The operating profit was the lowest since the first quarter of 2017.
Sales fell 10.6 percent on-year to 59 trillion won over the cited period, the company said.
The operating profit was far below market expectations of 13.6 trillion won, based on the survey conducted by Yonhap Infomax, the financial arm of Yonhap News Agency, on 23 South Korean brokerage houses.
Read more at: http://www.koreaherald.com/view.php?ud=20190108000122
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