News

Samsung mobile business tops revenue for parent co

Samsung Electronic’s mobile business has officially been named the biggest revenue generator of the entire Group.

The mobile phone business reported a 36% increase in revenue in the first quarter, with operating profit for the division of 940 billion Korean Won up from 160 billion Korean Won in the fourth quarter of 2008. Compared to the first quarter of 2008, the first quarter 2009 was up by 10 billion Korean Won.

As for the rest of Samsung’s businesses, Samsung Electronics Co. said on Friday that its first quarter net income fell 72% to 620 billion Korean Won overall, or $463 million, as its component businesses experienced operating losses that far outweighed the increases in profits made by its consumer arms.

Samsung bosses stated they expect the second quarter to be marginally better than the first. Yet they added that the memory chip division, which has traditionally been the source of Samsung’s profits, would continue to struggle in today’s climate.