Shares in Samsung, Asia's biggest electronics maker, fell at their sharpest daily rate in four years today amid concerns that the economic slowdown will curtail consumer spending on televisions, mobile phones and computers.

The South Korean-based group posted net profit climbed 51 per cent to 2.14 trillion won (£1 billion), below analysts' expectations of 2.36 trillion won.

Nevertheless, the company described the result as "very strong", and reported sales up 24 per cent to a record 18.14 trillion won.

However, the market remained unconvinced, sending Samsung's shares down 6.2 per cent to close at 576,000 won.

Lee Min-hee, an analyst at Dongbu Securities in Seoul, described Samsung’s results as “very disappointing", citing a weak performance by the computer memory chip business and LCD televisions. Profit from chips unexpectedly fell 18 per cent in the quarter.

The digital media division, which makes televisions, posted a loss of about 160 billion won in the quarter.

LCD prices began to decline late in the second quarter, a trend that he said would continue. “In the second half, Samsung’s profit will decrease sharply in the LCD business,” said Mr Lee.

The mobile phone division performed better, with sales up 22 per cent to 45.7 million mobile phones. Samsung, which only ranks behind Nokia in global sales, expects to sell 200 million phones this year.

Some analysts believe Samsung's earnings have peaked and will trend down until 2010. The economic slowdown around the world and its dampening effect on consumer spending has hurt other electronics makers.

Apple this week disappointed with its forecasts for profit and sales, while Sony Ericsson yesterday said that it would miss its financial targets this quarter as rising food and fuel prices in emerging markets cut into sales of mobile phones.

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