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Samsung SDS’ earnings slump in Q2 due to pandemic

(Yonhap)
(Yonhap)

Samsung SDS said Friday its earnings in the second quarter were dented due to the COVID-19 pandemic.

The South Korean firm’s sales decreased by 7.5 percent on-year to mark 2.56 trillion won ($2.1 billion), while operating profit fell by 24 percent to reach 196 billion won.

Sales of the company’s information technology services division recorded 1.31 trillion won in the second quarter, down 15.9 percent on-year, while that of its logistics solutions business increased 3.3 percent to 1.24 trillion won.

Samsung SDS said the earnings dip was largely due to COVID-19’s economic fallout. Sales and operating profit, however, recovered compared to the first quarter, by 5.4 percent and 14.9 percent, respectively.

The company expects performance to recover in the second half this year as more companies are likely to implement digital technologies for their businesses.

By Shim Woo-hyun (ws@heraldcorp.com)
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