Seoul, April 23 (IANS) Samsung SDS, the information technology (IT) service arm of Samsung Group, said on Thursday its first-quarter net profit fell nearly 60 per cent from a year earlier due to a one-off factor.Net profit for the January-March period came to 91.8 billion won (US$62.1 million), down 57.8 percent from 217.7 billion won a year earlier, reports Yonhap news agency.Its operating profit tumbled 70.8 percent on-year to 78.3 billion won and sales fell 3.9 percent to 3.35 trillion won.Th…
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Seoul, April 5 (IANS) The owner family of Samsung Group is set to complete the payment of roughly 12 trillion won ($8 billion) in inheritance taxes on assets left by the late Chairman Lee Kun-hee later this month, industry sources said on Sunday.The payments, scheduled over five years since 2021, mark the end of one of the largest inheritance tax obligations in South Korean history and are expected to ease financial pressures on the family, potentially accelerating Chairman Lee Jae-yong’s push f…
Seoul, Jan 26 (IANS) Samsung Electronics said on Monday it plans to provide treasury shares worth 175.2 billion won ($120 million) to its executives under its excess profit incentive (OPI) system.The South Korean tech giant said in a regulatory filing that it will distribute a total of 1.15 million treasury shares to 1,051 executives under the incentive program, without selling the shares on the market.Under Samsung Electronics’ OPI system, employees can receive up to 50 percent of their annual …
Seoul, Jan 25 (IANS) Lee Jae-yong, chairman of Samsung Electronics Co, has urged the company’s executives not to become complacent despite a sharp rebound in earnings, stressing that the company faces a “last chance” to restore its competitiveness, industry sources said on Sunday.Lee delivered the message during a recent seminar for Samsung Group executives, following the company’s announcement of a record operating profit of 20 trillion won (US$13.8 billion) for the fourth quarter amid a semico…