Samsung 2009 net profit rises 75 per cent, sales increase 23 per cent

The Associated Press ~ staff The News
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SEOUL, South Korea - Samsung Electronics Co. said Friday that its 2009 net profit jumped 75 per cent as sales rose amid higher prices for memory chips and strong demand for consumer electronics.
The company said in a regulatory filing that it earned 9.65 trillion won (US$8.33 billion) in the 12 months through Dec. 31. It reported a net profit of 5.53 trillion won in the previous year.
Samsung said sales last year rose 23 per cent to 89.77 trillion won from 72.95 trillion won a year earlier.
The Suwon, South Korea-based company is the world's largest manufacturer of computer memory chips, flat screen televisions and liquid crystal displays. It ranks No. 2 in cellphones behind Finland's Nokia Corp.
The company offered no net profit figure for the fourth quarter of last year, but said in a statement that its "strong performance" during the period was bolstered by higher prices for memory chips and a seasonal increase in sales of consumer electronics.
Samsung reported a net loss in the fourth quarter of 2008 - its first ever on a three-month basis - as the global economic slump hit prices and demand for mainstay products.
Looking ahead, the company said it expects "positive growth across its businesses in 2010," citing stronger demand for flat screen TVs, cellphones and laptop computers resulting from the ongoing economic recovery.
Shares in Samsung, which released its earnings results about 30 minutes after the stock market opened, fell 2.4 per cent to 789,000 won in morning trading. The company's stock price rose 77 per cent in 2009.

Organizations: Samsung, Suwon, Nokia

Geographic location: SEOUL, South Korea, Finland

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