South Korean electronics manufacturer Samsung has confirmed its initial estimate of a profit decline of 6pc in the fourth quarter of 2013.
After its initial pre-estimation of finances earlier in the year, Samsung has confirmed it has made an operating profit of 8.3tn Korean won (€5.7bn), which was the company’s first profit decline in nine quarters of business.
In terms of net profit, the company fell by nearly 1tn won (€677m) from the previous quarter, which should prove worrying for the company in the face of ever-increasing competition in the Asian market.
In its disclaimer, Samsung discusses future potential for sales figures and operating profits, but warns against the fluctuating value of the won, which has grown stronger and thereby decreased the profit value of exports.
Also as predicted, bonuses given to employees to celebrate 20 years since the company followed the path into consumer technology and electronics, amounted to about 800bn won (€745m).
Samsung’s income statement
