Hynix profits plummet

Hynix Semiconductor posted a dismal set for first-quarter results this morning: its revenues were down 20 per cent and operating profit fell 78 per cent.

Better known as Hyundai, Hynix revenues for the quarter totalled 1.76 trillion won ($1.34 billion) thanks, the company said, to falling DRAM prices and falling sales, which ended up down 13 per cent.

Chips accounted for 71 per cent of the quarter's sales.

Profit for the quarter came to 70 billion won ($53.2 million) well down on the 323 billion ($245.48 million) it recorded for the same period last year. Factor in interest charges and the cost of converting currencies in order to operate in global markets, and Hynix's loss widens to 460 billion won ($439.6 million).

Hynix remains in debt, to the tune of 7.3 trillion won ($5.55 billion), having reduced what it owes by 500 billion won ($380 million) during the quarter. ®