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  HOME | Business & Economy (Click here for more)

South Korea’s SK Hynix Posts Record Profit of $2.7 Billion in Q3

SEOUL – South Korean memory chips manufacturer SK Hynix posted a record net profit of 3.05 trillion won ($2.7 billion) in the third quarter of 2017 (July-September), up 411 percent from the same period last year (598 billion won), the company announced in a statement on Thursday.

The strong demand of semiconductors for cloud computing services and smartphones and improved prices were behind the solid performance of company.

The gross operating profits of the world’s second biggest chip maker reached 5.04 trillion won, a 175 percent interannual jump.

The company also posted a record operating profit and sales revenue for the third quarter.

While operating profit was 3.7 trillion won, 415 percent more than the same period last year, revenue jumped 91 percent to 8.1 trillion won.

SK Hynix expects demand to remain strong until the end of the year and has said it will begin to manufacture new models of DRAM chips and NAND flash memory during the current quarter.

Analysts believe the future profitability of the company could improve owing to its participation in the Pangea consortium that also comprise US tech giants Apple and Dell and that recently bought Japanese tech company Toshiba’s NAND flash memory unit.

 

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