The world’s second-largest memory chipmaker SK Hynix saw profits nearly double to hit a record in the fourth quarter on strong demand, it said Thursday.
Net profit leaped 98 percent year-on-year to 3.22 trillion won (US$3 billion) in the October-December period, the South Korean firm said in a regulatory filing.
Sales soared 69 percent to 9.03 trillion won during the period, it said, with operating profits reaching 4.47 trillion won – up 191 percent.
‘Market conditions were favourable in the fourth quarter thanks to strong demand for servers and price hikes for products for mobile devices,’ it said.
For full-year 2017, net profit soared 260 percent on-year to 10.64 trillion won and operational profit powered up 319 percent to 13.72 trillion won, on the back of sales growing 75 percent to 30.1 trillion won.
The company said it will expand its range by applying new technology to its products for servers and solid state drives.
Shares of SK Hynix were up 2.49 percent in mid-morning trade at 74,200 won.