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Samsung Electronics-shareholder meeting

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(Globalpost/GlobalPost)

SEOUL, March 15 (Yonhap) -- Samsung Electronics Co., the world's top smartphone, flat-panel TV and memory chip maker, will ramp up effort to achieve its "best performance" this year despite unfavorable market conditions abroad, the company's vice chairman said Friday.

At an annual shareholders meeting, Kwon Oh-hyun said the company plans to outperform last year's earnings despite ongoing economic uncertainties and growing competition from companies in China, Japan and the United States.

"Samsung Electronics aims to meet the goal by bolstering its key businesses and nurturing its home appliance, printer and network businesses," he said.

In 2012, Samsung Electronics, the crown jewel of South Korea's biggest conglomerate Samsung, saw its revenue grow 22 percent on-year to 201 trillion won (US$181 billion). Its operating profit and net profit also soared to a record 29 trillion won and 24 trillion won, respectively.

For 2013, the vice chairman said Samsung Electronics plans to invest flexibly depending on market situations without further elaboration.

In a conference call following the company's fourth-quarter earnings release, Samsung Electronics officials said the company's capital spending is likely to stay similar to last year's level. In 2012, the company invested 22.9 trillion won, less than the 25 trillion won it had planned.

Meanwhile, Samsung Electronics appointed home appliance chief Yoon Boo-keun and mobile business chief Shin Jong-kyun as co-CEOs to lead the company with Kwon.

Yoon will continue his role of overseeing the consumer electronics division, which includes TV and home appliance products, while Shin will also remain in charge of the IT & Mobile Communications division.

Samsung Electronics said the appointments will "serve to clarify and enhance independent management of the two set divisions as well as the independent management of the set and component businesses."

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