Samsung foresees rise in sales

By on July 6, 2009, 8:54 AM
Samsung announced today that it is projecting a growth in sales for the present quarter. The South Korean company expects to see consolidated sales of $24.46 to $26 billion for the quarter. This is up from $22.96 billion worth of sales in the year ago quarter. Operating profit is forecasted to total $1.74 to $2.05 billion – about on target with the previous year’s $1.89 billion.

Although the company gave no vindication for the anticipated performance, its shares rose 5.5%. Samsung’s forecasts are said to include the performance of its global subsidiaries, minus financial business. The company did not disclose its estimated quarterly consolidated net profit figure, nor its expected earnings on a parent basis.

Samsung posted a consolidated net profit of $4.65 billion last year, a steep sag from 2007’s $6.25 billion. The recently ended quarter’s results will be released July 24.

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