Samsung Electronics reported that its operating profit nosedived more than 95 percent in the first quarter, logging a deficit of over four-point-five trillion won in the semiconductor business alone. 

The tech giant said on Thursday that its operating profit came to 640-point-two billion won in the January-to-March period, a 95-point-five percent drop on-year.

It marks the first time in 14 years that Samsung reported a quarterly operating profit of less than one trillion won. In the first quarter of 2009 it posted 590 billion won.

Sales declined 18-point-one percent on-year to 63-point-74 trillion won, with net profit plunging 86-point-one percent on-year to one-point-57 trillion won. 

Samsung reported a deficit of four-point-58 trillion won in the semiconductor business in the first quarter, the first deficit in the chip business in 14 years as well. 

The drops are attributed to weak demand for memory chips amid the global economic slowdown and falling chip prices.