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Financial outlook not good for Samsung

By Derek Sooman

On February 28, 2005, 12:41 PM

Samsung Electronics has said that its outlook for its key businesses was not good due to slower global economic growth and sluggish domestic consumption. The company has not yet decided whether to buy into a $1.2 billion share sale by its cash-strapped credit card unit, which would boost the balance sheet and ease bad debt woes at its card unit.

"The world economy is facing slower growth this year and the domestic consumption is still sluggish. So there are big risk factors going forward. The outlook for our key businesses is not good," said Yun Jong-yong, Samsung's vice chairman.

Yun reiterated Samsung's sales target of 58.7 trillion won ($58.2 billion) this year, slightly higher than 57.6 trillion in 2004, and said the company would strive to beat last year's net profit of 10.79 trillion won. Analysts are expecting only 8.6 trillion won, according to Reuters Estimates.

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