Samsung Electronics aims for above-market sales growth

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SEOUL, March 13 (Yonhap) -- South Korean electronics giant Samsung Electronics
Co. will try to achieve market-outperforming sales growth this year despite the
global economic downturn, its chief executive said Friday.
"Although most advanced economies are expected to shrink this year, we will make
efforts to attain sales growth outperforming the market," Samsung Electronics CEO
Lee Yoon-Woo said in a message to an annual shareholders meeting.
Samsung Electronics, however, did not unveil its sales target for this year. At
last year's shareholders meeting, the company announced it would achieve 70
trillion won (US$50 billion) in sales for 2008.
Lee projected that demand in high-tech products will slump amid the global
economic crisis, with competition for market leadership expected to intensify
further.
"Demand for electronics products will slump this year amid a supply glut. Growth
of the cellphone industry is expected to turn negative," he said.
The top executive said the company will try to remain the market-dominating
player through increased capital spending.
"In this challenging business environment, Samsung is focusing its resources on
enhancing our competitiveness to maintain market leadership through investments,"
Lee said.
He added the company would continue to make investments to increase its
technological edge in key sectors, including memory semiconductors and liquid
crystal displays, and to enhance its dominance in the high-end and large-screen
TV market.
Samsung Electronics reported a net profit of 5.53 trillion won for 2008, down 26
percent from the previous year. Full-year sales gained 15 percent to 72.9
trillion won.
The company posted its first-ever quarterly loss in the final quarter of 2008 as
the deepening global economic recession battered demand for chips, mobile phones
and other electronic devices.
ygkim@yna.co.kr
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