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Hynix reports record profit

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Cost-cutting and strong demand from digital cameras and LCDs pushed Hynix to an all-time-high profit figure during its second fiscal quarter, the company reported today.

Net profit for the three months to 30 June hit KRW620bn ($532m), the largest in the company's 21-year history. This is a 62 per cent jump over Q1's income of KRW382.7bn ($329m) and is well up on the KRW530bn ($455m) the chip maker lost this time last year.

Consolidated sales reached just under KRW1.7tn ($1.45bn), up 118.3 per cent on the KRW778bn ($668m) it recorded in revenues in the year-ago quarter.

Hynix said the jump in revenues was driven by improved flash memory, CMOS image sensor and LCD controller sales. Ironically, it last month agreed to sell the latter two product lines to Citigroup Venture Capital Equity Partners for $820m, so it will not be able to count on their contribution to its bottom line this quarter.

The sale will enable Hynix to reduce its debt by around KRW1tn - the company currently owes its creditors over KRW3.5tr ($3bn). Creditors today own around 80 per cent of the company. ®

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