Samsung forecasts sevenfold 1Q profit surge

Korean vendor Samsung predicts a surge in first-quarter earnings, despite a recent decline in domestic handset sales.
 
Operating profit is forecast to be between 4.1 trillion won (€3.66 billion) and 4.4 trillion won for the March quarter, which would topple Samsung’s previous earnings record of 4.2 trillion won.
 
The earnings would be over seven times the 590 billion won profit recorded in 1Q09, AP said
 
But the company has not given any reasons for the strong performance, stating it would reveal all when it releases its results at the end of the month.
 
Consolidated revenue grew by at least an estimated 5 trillion won to between 33 trillion won and 28.7 trillion won Samsung added.
 
The prediction comes on the back of a slump in domestic handset sales during March, when the firm sold 825,000 devices compared to 1.06 million in February, Trading Markets said. Its share of the local market meanwhile fell 15% from February, to 53%.
 
Samsung's core television business is expected to have performed strongly.

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