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Samsung Electronics trims 2008 sales forecast amid global economic woes

Samsung Electronics trims 2008 sales forecast amid global economic woes

Samsung Electronics Co. trimmed its sales forecast for this year on global economic woes, but said profit will increase, helped by earnings growth in key areas such as memory chips, flat-panel displays and mobile handsets.
"Global economic uncertainty will continue this year, affecting our management conditions," Chief Executive Yun Jong-yong said Friday at the company's annual shareholders' meeting. "We expect competition to become fiercer globally amid higher oil prices and the dollar's weakness."
Samsung aims to raise its 2008 sales by 10 percent on year, Yun said, without providing specific figures. The forecast is lower than the 15 percent on-year increase it projected in January.
But Yun said he expects Samsung's profit in 2008 to be higher than last year's as the company focuses on its four key businesses _ semiconductors, handsets, LCD panels and TV sets.
Capital investment will be at a similar level to that of last year, he added.
Samsung, the world's largest memory chip maker, posted 7.43 trillion won (US$7.61 billion;


Updated : 2021-10-22 16:45 GMT+08:00