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Technology Stocks : Amkor Technology Inc (AMKR)
AMKR 52.46-1.9%Jan 22 3:59 PM EST
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To: tech101 who wrote (72)2/5/1999 2:26:00 PM
From: tech101  Read Replies (1) of 1056
 
Samsung's Profit Up Sharply, Despite DRAM Slump

semibiznews.com

SEOUL-- Samsung Electronics Co. reported net profit of $265 million (313.2 billion won) for 1998, up 152% from the previous year, the company reported today. Sales totaled almost $17 billion (20 trillion won), a 9% jump over 1998.

The gains reflected a sharp turnaround for the Korean electronics giant, after the financial crisis hit the country more than a year ago. Analysts also said the improved figures came from other product sectors besides DRAMs, which had incurred such heavy losses through most of 1998 that Samsung cut back production one week a month for more than a quarter. With DRAM prices now rising, Samsung might see even better results this year, some analysts felt.

The firm said its debt-to-equity ratio was reduced to 198% by the end of 1998 from 298% at the end of the previous year. That would meet the target of the South Korean government's demand that the chaebols and their affiliated firms cut their debt to no more than 200% of equity.

Samsung Electronics also said it will pay a 12% stock divided to shareholders, which is equal to about $0.73 a share. This compares with a 10% stock divided paid a year ago.
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