SK Hynix Posts Record Earnings

      July 25, 2014 11:34

      Chipmaker SK Hynix posted record earnings in the first half of this year, achieving an operating profit of more than W2 trillion for the first time (US$1=W1,029).

      Second-quarter sales totaled W3.92 trillion, while operating profit came in at W1.84 trillion, SK Hynix said Thursday. First-half sales amounted to W7.67 trillion, and operating profit totaled W2.14 trillion. Overall sales were up 14 percent compared to the same period of 2013 and operating profit soared 50 percent.

      The stellar earnings stemmed from bold and preemptive investments. Despite posting a massive operating loss of W227 billion in 2012, SK Hynix invested W3.85 trillion in new facilities. It was the biggest investment in five years.

      SK Group chairman Chey Tae-won bought Hynix in 2011 for W3.37 trillion. At the time, it was reeling under debts of W6 trillion while suffering two consecutive quarters of losses.

      Solid earnings are expected to continue in the second half as rising demand for PCs, smartphones and tablet PCs is forecast to lead to increased sales of memory chips.

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