Samsung announces conservative business plan
AFP, Seoul
Samsung Electronics, the world's largest memory chip maker, announced a conservative business plan Monday, citing unfavorable market conditions such as the won's sharp appreciation against the dollar for a cautious outlook. Samsung CEO Yun Jong-Yong said the company has set this year's sales target "conservatively" at 58.1 trillion won (57.6 billion dollars), up from 57.6 trillion won last year, reflecting the more modest performance generally expected in the hi-tech sector after a strong 2004. "The company will revamp its business structure this year to focus on high value-added products," Yun said at an annual shareholders meeting. Samsung would see slow earnings growth this year due to weak domestic consumption, the won's steady gains against the dollar and China's efforts to cool its economy, he said.
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