DHAKA: Samsung Electronics has been hit by falling sales for its smartphones and semiconductors.

The ‘difficult business environment and slowing IT demand’ sent net profit for the fourth quarter to December down by 40% to 3.2tn won ($2.7bn), reports the BBC.

The South Korean giant warned it would be difficult to maintain profits this year at the same level as 2015.

Revenue for 2015 fell 5.6tn won to 200.6tn won ($165.5bn) compared with the previous 12 months.

Strong competition from cheaper Chinese rivals such as Xiaomi and Huawei at the bottom of the market, as well as Apple at the premium end, has dented Samsung’s smartphone sales.

The Galaxy S6, the most recent top-of-the-range handset launched last April, failed to excite consumers and the company has struggled to maintain market share.

BDST: 1306 HRS, JAN 28, 2016
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