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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (53821)	10/4/2001 5:35:45 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Samsung Electronics sees slow Q4, concerned about U.S. LONDON (Reuters) - Samsung Electronics said Wednesday that it expected slow demand for its products in the key fourth quarter, especially in the United States. ``The fourth quarter is going to be slow,'' Samsung Electronics global head of marketing Eric Kim told Reuters in an interview here. The fourth quarter, including the Christmas holiday period, is a vital time for consumer electronics companies, generating up to one-third of the year's turnover. The economic uncertainty has deteriorated after the U.S. attacks and the South Korean company was reassessing forecasts made in late August at Europe's largest consumer electronics show in Berlin. ``Our hope then was that we see some upside in demand in the fourth quarter,'' Kim said. ``We have our fingers crossed. We think Europe will be sound. We don't expect a major slowdown in Europe. But the U.S. is our concern,'' he added. Samsung, which Kim said was briefly hit by logistics problems in the wake of the U.S. attacks last month, stuck by its expectation that demand would only really pick up in the second half of 2002. ``The fourth quarter has to be a time for consumers to resettle,'' he said, adding consumers needed to believe first that the attacks were not going to disrupt their lives. ``The demand cycle will be picking up by the middle of 2002,'' Kim added. Daeje Chin, Samsung Electronics' chief executive of the company's Digital Media Business which is responsible for mobile phones and digital consumer electronics said in August in Berlin he hoped overall revenues would rise slightly this year. Rising sales of digital electronics would offset declining semiconductor sales, he said. Samsung reported in July a second quarter net profit of 880 billion won ($675.8 million), down from 1.24 trillion won in the first, on seven percent lower sales of eight trillion won.