Samsung Electronics has reported its worst quarterly profits in 14 years. The South Korean company said in a statement that operating profit fell to 640 billion won ($478.6 million) -- down 95 percent from a year earlier. Samsung is one of the world's largest makers of memory chips and smartphones. Its first-quarter net income fell 86.1 percent to 1.57 trillion won, and sales dropped 18 percent to 63.75 trillion won. The first-quarter drop is the third consecutive margin squeeze for Samsung, which saw a 70 percent fall in operating profits in the fourth quarter on-year. Samsung Electronics is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy.

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