Briefs

New MD for Thai Samsung named

Samsung has appointed Yong Sung Jeon as the new managing director of Thai Samsung Electronics Co, effective from January 2.

Jeon joined Samsung in 1986. He has worked for the Korean electronics giant in a variety of roles and responsibilities that exposed him to various markets, including Britain, Taiwan, mainland China and now Thailand.

As the leader of Thai Samsung Electronics, which is regarded as one of the Korean company's top operations in Southeast Asia in terms of market potential and business growth, Jeon plans to strengthen its development and make it one of Samsung's top operations.

GL raises sales target

Listed motorcycle-leasing firm Group Lease (GL) has raised its expectations for sales growth and financial performance this year thanks to a robust economy and closer ties and improved relations with motorbike dealers in various parts of Thailand.

GL had earlier projected monthly sales to increase to 10,000 units before the end of this year, but according to chairman and chief executive officer Mitsuji Konoshita, that target is now expected to be achieved by May.

He added that the stronger sales growth was also the result of more purchasing power by consumers on the back of higher wages and good crop prices.

GL is now recording sales of about 8,000 units a month, roughly double the monthly averages of 3,800-4,000 during previous good years such as 2010.

The company reported combined profits of Bt250 million for the first nine months of 2012. Results for the last quarter of the year are expected to be reported late next month.

But financial performance this year is expected to be much better because of the strong sales growth in Thailand, plus contributions from the company's operations in Cambodia.

GL last year began diversifying into Cambodia as the first leg of its plan to expand into regional markets to capitalise on the Asean Economic Community that will come into being in 2015.