Samsung Electronics on Thursday reported a more than 95 percent plunge in operating profits in the second quarter owing to weak demand for memory chips.

The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy.

Operating profit from the April to June period was 668.5 billion won ($525.3 million), down from 14.1 trillion won from a year earlier, Samsung said in a statement.

This marks the firm's worst quarterly profit since the first quarter of 2009.

Samsung's second-quarter net profit fell 84.5 percent to 1.72 trillion won, and sales dropped 22.3 percent to 60 trillion won.

The firm -- one of the world's largest makers of memory chips and smartphones -- blamed weak demand for its chips and mobile phones, but offered an optimistic outlook for the remainder of the year.

"Global demand is expected to gradually recover in the second half of the year, which should lead to an improvement in earnings driven by the component business," it said, but added "continued macroeconomic risks could prove to be a challenge."

South Korean chipmakers, led by Samsung, enjoyed record profits in recent years as prices for their products soared, but the global economic slowdown has dealt a blow to memory chip sales.

Demand swelled during the pandemic as consumers bought computers and smartphones during lockdowns, prompting chip makers to ramp up production.

But demand quickly diminished as lockdowns lifted and weakened further in the face of soaring inflation and rising interest rates.