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Samsung forecasts record operating profit in Q1

삼성전자 1분기 또 신기록 … 올해도 사상 최대 실적 내나

Apr 07,2010
Samsung Electronics, the world’s largest electronics company by sales, forecasted yesterday a record quarterly operating profit and a 19 percent rise in revenue in the January-March period from a year ago as the global economy recovers from the recent financial crisis.

In an earnings guidance, the Korean company estimated a consolidated operating profit of 4.3 trillion won ($3.83 billion) in the first quarter. The figure is seven times larger than it reported last year for the same period.

Operating profit represents a company’s earnings before taxes, dividends and other items, and consolidated figures include overseas subsidiaries.

Samsung Electronics also predicted healthy sales - at 34 trillion won in the first quarter, up 18.6 percent from a year earlier.

Although the company did not specify earnings by its businesses nor give reasons for the bullish first quarter figures, analysts attribute them mainly to strong sales and higher prices for memory chips. They estimate that about half of Samsung Electronics’ operating profit for the first quarter came from its semiconductor business.

According to Dramexchange Technology, benchmark prices of dynamic random access memory, or DRAM, chips, which are used mainly in personal computers, rose 16 percent in the first quarter from a year ago.

Samsung Electronics is the world’s largest chipmaker and supplies key memory chips for a range of popular Apple products, including the iPad, the iPhone and the iPod.

Analysts said strong sales of flat-screen televisions contributed to the earnings performance.

This is the first time that the company has issued an earnings estimate using International Financial Reporting Standards (IFRS) in hopes of increasing transparency and providing more information to investors.

Samsung is expected to release its official first-quarter results later this month, with some analysts saying the actual results could be higher than those forecast yesterday.

“Although the current exchange rate is not really favorable for the company, increased global demand in the IT sector could further boost Samsung’s operating profits,” said Lee Seon-tae, an analyst with Meritz Securities.

The earnings guidance came less than two weeks after Lee Kun-hee returned as Samsung Electronics chairman following a presidential pardon for a tax evasion conviction. Lee said his presence at Samsung was needed since the company faced a potential crisis due to increased global competition. Last month, the company forecast double-digit sales growth in 2010 from last year’s revenue of 136.3 trillion won.


By Kim Hyung-eun [hkim@joongang.co.kr]
Related Korean Article

영업이익 4조3000억원 … 새 회계기준 첫 적용


삼성전자가 1분기에 사상 최대 영업이익을 올렸다. 이 회사는 국내외 사업장을 합한 연결기준으로 1~3월 영업실적을 잠정 산출한 결과 매출 34조원, 영업이익 4조3000억원을 기록했다고 6일 밝혔다. 영업이익 규모는 종전 최대였던 지난해 3분기(4조2300억원)를 700억원가량 웃돈다.

이번 실적을 내는 데는 새로운 국제회계기준(IFRS)을 처음 적용했다. 삼성전자는 비교를 쉽게 하기 위해 지난해 1분기와 4분기 실적을 IFRS 기준에 따라 환산해 제공했다. 삼성카드의 영업실적을 연결 대상에서 제외했고, ‘영업외비용’ 계정으로 잡히던 기부금·잡손실·기타 영업외손실 등이 ‘기타 영업비용’으로 분류되면서 이익 수치가 줄어드는 효과를 가져왔다.

1분기 매출은 종전 최대인 지난해 4분기(39조2500억원)보다 13% 줄었지만 전년 동기(28조6700억원)에 비하면 19% 늘었다. 이에 비해 영업이익은 지난해 4분기(3조4400억원)보다 25% 늘었을 뿐 아니라 지난해 1분기(5900억원)에 비하면 7.3배로 껑충 뛰었다. 통상 1분기는 반도체·액정표시장치(LCD)·휴대전화·디지털미디어 관련 제품의 비수기라, 이번 영업실적은 기대 이상의 깜짝 실적을 뜻하는 ‘어닝 서프라이즈(Earning surprise)’에 속한다. 삼성전자의 연중 최저실적 단골은 대체로 1분기였고, 2005년 이래 1분기 영업이익이 3조원을 넘은 적도 없었기 때문이다.

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