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Samsung Profits Down 29% After $300 Million Fine
Oct 14, 2005
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Korea's Samsung Electronics Company said that its third-quarter profits were down 29 percent over the same period last year. The announcement comes days after Samsung agreed to a settlement over U.S. accusation of memory chip price-fixing, in which Samsung will plead guilty to the charges and pay a U.S. $300 million fine.

Samsung's third-quarter profits were impacted substantially by lower chip prices and by the fine. The company, the largest global maker of memory chips and a maker of consumer electronics and appliances, reported third quarter net profit of 1.88 trillion won (approx. $1.7 billion) on sales of 14.54 trillion won (approx. $13.9 billion). This compares to net profit of 2.69 trillion won (approx. $2.6 billion) in the same period in 2004.

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