World Economy

Samsung Profits Slump

Samsung Profits SlumpSamsung Profits Slump

Samsung Electronics on Thursday flagged a further on-year plunge in profits for the fourth quarter, as the world’s top smartphone producer continued to battle stiff competition from Chinese makers, AFP reported. Operating profit for the October-December period was estimated at 5.2t won ($4.7b), down 37.4% from the fourth quarter of 2013, the company said. The profit estimate was higher than many analyst expectations with strong demand for high-margin chips mitigating slumping profits in the key mobile sector. Sales totaled about 52t won in the quarter, the company said, down  12.3% from a year earlier.