SK Hynix Third-Quarter Profit Rises Sharply

SK Hynix Inc. posted a sharp rise in net profit in the third quarter as strong chip prices and surging demand from mobile phone makers helped offset any supply shortfalls from a recent fire at its China factory.

The world’s second-largest maker of memory chips after Samsung Electronics Co, posted a net profit of 958.2 billion won (US$903 million) in the quarter ended Sept. 30, up from just 2.0 billion won a year earlier. Its operating profit swung to a record high of 1.164 trillion won, compared with an operating loss of 24 billion won a year ago with operating margins soaring to 29 percent on strong prices.

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