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Samsung posts big profit in 1st quarter

By Kim Yoo-chul Samsung Electronics said Friday it expects a record operating profit from the first quarter this year bolstered by sales of the Galaxy S II and Galaxy Note. Also, the bankruptcy of Elpida Memory has helped the Korean tech giant strengthen its bottom line in profits. Chip prices have been showing signs of a rebound after Elpida was delisted from the Tokyo Stock Exchange in February. In a statement, Samsung estimated its operating profit for the first three months of this year rose to 5.8 trillion won. Its previous record profit was 5.3 trillion won in the fourth quarter of last year. The company estimated that revenue also jumped by 22 percent to 45 trillion won during the period from 36.99 trillion won a year ago, the company said in regulatory filing. ``I believe those numbers are very impressive. The total operating profit for this year is expected to exceed 20 trillion won from last year’s 16.25 trillion won,’’ a high-ranking executive told The Korea Times by telephone. Samsung didn’t give a net-profit forecast and performance details of its divis

Apr 6, 2012By Kim Yoo-chul
Tech & Science

Doosan chairman eyes more M&A

Cash flow not a problem, Park claims By Kim Yoo-chul New Doosan Group Chairman Park Yong-maan vowed to be aggressive in pouncing on merger and acquisition (M&A) opportunities as he looks to open a new chapter for the country’s oldest business group among top conglomerates. Granted, the big moves won’t come this year as the group will first attempt to rearrange its current business lineup to improve synergy and reduce overlaps. But Park stressed that the efforts to improve direction and efficiency at home will provide an important foundation when it begins to expand. Park, who recently replaced Park Yong-hyun at the management helm, said the fruits from Doosan’s rebuilding efforts will be visible soon. ``The group’s key businesses are on the right and stable track. We are enjoying higher shares in our critically-important markets. We will only get better,’’ Park told reporters at a press conference in Seoul. Doosan Heavy, one of the group’s key business units, completed the acquisition of Indian equipment manufacturer, Chennai Works, previously owned by Austria’s A

Apr 5, 2012By Kim Yoo-chul
Tech & Science

Uh-oh

KT lags behind rivals in LTE competition By Kim Yoo-chul It wasn’t long ago when KT CEO Lee Suk-chae was the toast of tech geeks here for his decision to bring in the Apple iPhone, which triggered off a smartphone boom and accelerated the Internet’s move toward mobile devices. But now, fresh into his second term at the helm, Lee’s life as a corporate executive isn’t all peaches and cream. KT, the country’s second-biggest wireless carrier and biggest broadband Internet provider, is lagging far behind rivals SK Telecom and LG Uplus in the race to grab customers for fourth-generation Long Term Evolution (LTE) services. Lee, rightfully, is taking most of the blame for the sluggish start. The LTE gap between KT and its two rivals continues to widen. During the first three months of the year, KT lost around 12,000 customers to rival carriers, getting decimated in marketing battles as the company was last among the three carriers to provide nationwide LTE coverage. LG Uplus, the smallest carrier, added more than 93,600 customers during the period, while SK Telecom, the

Apr 3, 2012By Kim Yoo-chul
Tech & Science

HHI opens joint battery venture

By Kim Yoo-chul Hyundai Heavy Industries (HHI), the world’s biggest shipyard, is widening its portfolio as part of its diversification efforts. Despite its failure in a solar cell venture, the firm is branching out into batteries. It said Monday that it has set up a $200 million joint venture with Magna E-Car, a Canadian electric-car parts supplier, to develop batteries for electric vehicles. HHI’s investment portion is 40 percent. The joint venture plans to build eight plants in the United States and Europe to produce 800,000 battery packs a year by 2020, according to the statement released by HHI. The first plant will be constructed in Ontario, Canada and will start operations in 2014, said the statement. ``The venture is targeting a 30 percent market share in the electric car battery markets in the United States and Europe by 2020,’’ a company spokesman said. Magna is one of the top five manufacturers of car components. HHI officials said the company is very keen to acquire patents in electricity storage-related technologies for synergy with wind power and

Apr 3, 2012By Kim Yoo-chul
Tech & Science

Samsung to invest $7 billion for chip plant

By Kim Yoo-chul Samsung Electronics will set up its first chip plant in China, eventually worth $7 billion, the company said Monday. ``Samsung’s board has finally given the green-light to initially invest $2.3 billion to build an advanced NAND flash chip line in Xian, Shannxi Province,’’ said spokesman Ken Noh. NAND flash memories are being used in high-end devices such as smartphones and tablets. The demand for the chips is rising thanks to the powerful sales increase of the devices. The world’s biggest memory chipmaker Samsung plans to start the operation of the new line from the latter half of next year after starting the process within this year Noh said, Monday. ``This is the biggest investment plan that Samsung has ever invested to build up a chip line. The amount of the investment could shoot up to $7 billion as this is a multi-year project,’’ said the company spokesman. Beijing was one candidate for the chip plant. But Samsung has picked up Xian as the final spot attracted by more financial and administrative supports from the regional government, said top

Apr 2, 2012By Kim Yoo-chul
Tech & Science

Samsung unleashes global display giant

By Kim Yoo-chul Samsung Electronics has stepped up its preparations for its battle with Japanese firms for leadership in organic light-emitting diode (OLED) displays. On Monday, Samsung Display was launched as an affiliate of the flagship Samsung firm in Tangjeong, South Chungcheong Province. Samsung Display will run LCD and OLED display businesses with a combined annual revenue of at least 30 trillion won. That would make it the biggest display company in the world. The new entity has five global manufacturing bases with some 20,000, according to the firm. ``Samsung has done well in display businesses and the outlook is good,’’ said Park Dong-keun, president of Samsung Display in a message to employees. The move comes after struggling Japanese electronics giants Sony, Toshiba and Hitachi made a mega-merger deal. The trio signed definitive agreements with Innovation Network Corporation of Japan (INCJ) to integrate their display businesses. `Japan Display’’ will start its business this week, officials said. ``Korea’s Samsung is now battling Japan Inc. This is very i

Apr 2, 2012By Kim Yoo-chul
Tech & Science

LG’s 3D customers now include Panasonic, Sony

By Kim Yoo-chul Struggling Japanese electronics firms Panasonic and Sony have opted to lean a little further on the 3D screen technology of LG Electronics, according to a senior LG executive Sunday. In a perpetual battle with rival Samsung Electronics for bigger stakes in the growing global 3D TV market, LG’s film-based 3D technology has shown a clear advantage. It is cheaper than Samsung’s battery-powered option although arguments on technological competitiveness continue. LG has racked up success in 3D TV sales in China and North America as well formed tie-ups with many players. ``Panasonic and Sony are planning to expand the lineup of 3D-enabled TVs this year. The key point is that their upcoming models will use LG’s technology,’’ said Nho Seok-ho, head of LG Electronics’ LCD TV division in an interview. Nho said on the sidelines of his participation in an in-house event, ``3D TV Festival’’ at Lotte World, an amusement park in Seoul. ``That’s why we are sure to increase sales of 3D TVs this year,’’ said the executive, the right-hand man of LG’s TV chief Kwon H

Apr 1, 2012By Kim Yoo-chul
Companies

Game changer

By Kim Yoo-chul Park Yong-maan, the Twitter-loving Doosan Corp. chairman, has taken over as the group chairman. The 57-year-old was credited for leading Korea's oldest chaebol or family-owned conglomerate's transformation in portfolio from light industry to heavy industry. He replaced Park Yong-hyun, a medical doctor who ran Seoul National University Hospital. The outgoing chairman is the fourth among the reigning six Doosan brothers and older than the new chairman, who is the fifth. Both of them had held their respective positions since 2009. The changeover is expected to expedite a global expansion plan of the younger Park, who commanded a series of merger and acquisition (M&A) deals including Bobcat of the United States. Park's appointment was made and approved at the board of directors' meeting, Friday. "The board approved Park Yong-maan as chairman of the group," the group said in a statement. A ceremony is scheduled for Monday. Park will speak to the media next week to unveil his new vision. Current group Chairman Park Yong-hyun will lead the

Mar 31, 2012By Kim Yoo-chul
Companies

Game changer

By Kim Yoo-chul Park Yong-maan, the Twitter-loving Doosan Corp. chairman, has taken over as the group chairman. The 57-year-old was credited for leading Korea’s oldest chaebol or family-owned conglomerate’s transformation in portfolio from light industry to heavy industry. He replaced Park Yong-hyun, a medical doctor who ran Seoul National University Hospital. The outgoing chairman is the fourth among the reigning six Doosan brothers and older than the new chairman, who is the fifth. Both of them had held their respective positions since 2009. The changeover is expected to expedite a global expansion plan of the younger Park, who commanded a series of M&A deals including Bobcat of the United States. Park’s appointment was made and approved at the board of directors’ meeting, Friday. ``The board approved Park Yong-maan as chairman of the group,’’ the group said in a statement. A ceremony is scheduled for Monday. Park will speak to the media next week to unveil his new vision. Current group Chairman Park Yong-hyun will lead the group’s corporate social responsi

Mar 30, 2012By Kim Yoo-chul
Tech & Science

SK hynix bids to take over Elpida

By Kim Yoo-chul SK hynix, the world’s second-biggest maker of DRAM memory chips, is bidding to take over Japan’s Elpida Memory, which has filed for bankruptcy protection. ``SK hynix has submitted a letter of intent (LOI) to acquire Elpida,’’ SK hynix said in a regulatory filing to the Korea Exchange (KRX), late Friday. The company filed the plan with Nomura Securities, the lead manager for the deal, it added. ``SK hynix will make a final decision after participating in due diligence,’’ the filing said. Park Hyun, a spokesman for the Korean firm, declined to unveil further details on the issue. Local financial markets are divided over the firm’s intentions for Elpida as doubts have been raised that the Korean chipmaker will finally drop its ambitious bid after checking the Japanese chipmaker’s critical details. Affected by the news, shares of SK hynix dropped by 4.1 percent Friday to end at 29,250 per share on the nation’s main bourse. If SK hynix does complete the acquisition, it will threaten the bottom line of industry leader Samsung Electronics. As of the e

Mar 30, 2012By Kim Yoo-chul
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