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Samsung Profits Plunge On Low Demand And Falling Prices

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Samsung Electronics' has reported its lowest quarterly profit in almost two years as demand for its products continues to fall.

Net profit for the first three months of the year stood a 2.78 trillion won ($2.6bn; £1.6bn) a 30% drop compared with the same period last year.

The electronics maker has been hit hard by weak demand and falling prices of TVs and LCD panels.

Samsung is the world's largest maker of memory chips and flat screens.

The problems of falling sales and weak prices have been compounded by the strengthening South Korea's currency.

The Korean won has risen by almost 11% against the US dollar since June last year.

A stronger currency not only makes Korean products more expensive compared with its competitors in the region, it also hurts companies when they repatriate their foreign earnings back home.

Analysts have warned that if the Korean currency continues to rise, it will have a negative impact on the company.

So the global consumer recovery is in full flow and Samsung that get to feel the full effect of the Bernanke printing. Perhaps they should just buy gold with their dollars rather than won's?

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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