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Samsung Profits Up, Sales Dip

10/23/2002 08:49:00 AM Eastern

Seoul, South Korea - Samsung Electronics rode increased sales in the information and communication sectors, which help boost the company's third quarter net profit to $1.4 billion on sales of $8.1 billion.

Profits and sales were up considerably compared to the same period in 2001. At that time Samsung had sales of $5.9 billion and a net profit of $351 million. The company's sales performance was off a small amount from the second quarter, but profits were down considerably from the $1.6 billion experienced during that period. Third quarter operating income also dramatically increased topping $1.45 billion compared to the $13 million the prior year.

With the third quarter, ended Sept. 30, under its belt, Samsung has posted sales of $24.3 billion and a net profit of $4.5 billion for the first three quarters of the year, the company reported.

Samsung executives also expressed their satisfaction with how the company's various product segments performed. Semiconductors accounted for 31.2 percent of sales, information and communication 32.9 percent and home appliance and digital media 31.7 percent.

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