SEOUL: Samsung Electronics reported a near 20 percent decline in second quarter net profit, due to increased competition from cheap Chinese devices in the key smartphone sector and a surging Korean won.
The South Korean electronics giant posted a net profit of 6.25 trillion won ($6.1bn) — its lowest figure for two years and down 19.6 percent from the same quarter last year.
Operating profit stood at 7.19 trillion won, down 24.6 percent from a year ago, while sales tumbled 8.9 percent to 52.35 trillion won.
“The second quarter was affected by several factors including the slow global sales of smartphones and tablets and escalating marketing expenditure to reduce inventory,” the company said in its earnings report.
AFP
