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 SEOUL, South Korea (AP) - Samsung Electronics Co. reported a worse-than-expected 52 percent slump in first quarter profit as prices of liquid crystal displays and computer memory chips fell amid a supply glut.
Samsung, South Korea's largest company by market capitalization, posted net profit of 1.50 trillion won ($1.47 billion) for the three months ended March 31, down from 3.14 trillion won a year earlier, and 1.83 trillion won in the fourth quarter of 2004.
Sales fell 4 percent to 13.81 trillion won ($13.5 billion) from 14.41 trillion won, while operating profit slumped 46 percent to 2.15 trillion won from 4.01 trillion won a year ago.
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