Samsung Electronics Co. Ltd., the world's top maker of memory chips, said on Monday the outlook for its key businesses was not good due to slower global economic growth and sluggish domestic consumption.
Samsung, a technology powerhouse that makes everything from chips to flat screens and mobile phones, also told an annual shareholder meeting it has not yet decided whether to buy into a $1.2 billion share sale by its cash-strapped credit card unit.
"The world economy is facing slower growth this year and the domestic consumption is still sluggish. So there are big risk factors going forward. The outlook for our key businesses is not good," Yun Jong-yong, Samsung's vice chairman, told an annual meeting of shareholders.
Yun reiterated Samsung's sales target of 58.7 trillion won ($58.2 billion) this year, slightly higher than 57.6 trillion in 2004, and said the company would strive to beat last year's net profit of 10.79 trillion won. Analysts are expecting only 8.6 trillion won, according to Reuters Estimates.
Shares in Asia's most valuable technology company, which has a market capitalization of $84 billion, were up 0.19 percent at 523,000 won by 0415 GMT, underperforming the wider market.
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