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The operating rate of Korean information technology (IT) companies fell in the third quarter of this year. This includes Samsung Electronics. Its smartphone factory record is a record low.
Samsung Electronics’ factory utilization rate was 72.2 percent, down 8.1 percent from 80.3 percent in the same period last year. In fact, only seven out of 10 production lines worked in the third quarter of this year.
This is the lowest level since 2010 when Samsung Electronics began to separately report its HHP plant usage rate. Before 2010, HHPs were included in the telecommunications sector and the factory utilization rate was calculated separately. But at that time, the utilization rate was above 100 percent. The operating rate of video equipment factories also decreased from 79.1 percent to 75.4 percent in a one-year period.
The company’s plant utilization rate is declining as inventories pile up due to declining global demand. Samsung’s current assets have reached 57,319.8 billion won, which is 38.5 percent from 41,384.4 billion won by the end of 2021. Its inventory of DRAMs memory, NAND flashes and IT products is 16 trillion won .
According to LG Electronics’ quarterly report in the third quarter of this year, the company’s factory utilization rate also decreased. The factory utilization rate dropped from 129.7 percent a year ago to 113.3 percent for refrigerators, from 105 percent to 88 percent for washing machines, and from 113.2 percent to 102.9 percent for weather, from 96.4 percent to 81.1 percent for video equipment.
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