February 15, 2011 / 5:16 PM / 7 years ago

Samsung says low-end phones not for profit

BARCELONA, Spain (Reuters) - Samsung Electronics hopes to attract new consumers to its brand with cheap, low-end phones that are not necessarily focused on making profit for the group, a senior executive said.

<p>Visitors walk past the Samsung area at the GSMA Mobile World Congress in Barcelona, February 14, 2011. REUTERS/Albert Gea</p>

The company has won market share in the low end of the market from leader Nokia by selling millions of $25 phones each month.

“Those phones are not really profit oriented. We are not selling $25 phones to make a profit; we want to make sure the first phone they grab is Samsung,” Won-Pyo Hong, Executive Vice President for global product strategy told Reuters in an interview.

He said the company aimed to sell more than 300 million cellphones this year, while sales of its smartphones are expected to rise to 60 million from 25 million last year.

Reporting by Tarmo Virki; Editing by Will Waterman

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