South Korean consumer electronics major Samsung Electronics Co. Ltd. is anticipating increased profit from operations in the current fiscal, the company said in a statement today. Boosted by a higher demand scenario in China the company also said that it's eyeing for a double digit growth in sales in 2010.

The Chief Executive of Samsung, Choi Gee-sung, provided the information while addressing the shareholders at a meeting at Samsung's Headquarters in Seoul. He further added that the World's numero uno memory chips and LCD flat screens manufacturer plans to take its operating profits beyond what it achieved in 2009 with help of cost competitiveness and by increasing its market share. He expected reviving economic conditions to add a thrust to demand for consumer electronics like televisions, mobile phones and computers.

"The global economy is likely to sustain its growth momentum this year, helped by economic stimulus measures taken worldwide but we see increased competition, which will toughen our business outlook," said Choi Gee-sung.

The new outlook by Samsung is in line with the market expectations. The analysts are expecting an increase of 14% in sales of Samsung in 2010 and a growth of 42% in its operating profit.

In the year 2009, Samsung reported an operating profit of $9.6 billion on sales of $120.8 billion. The excellent results in 2009 were driven by the strong recovery in chips and liquid crystal display panels.