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SK Hynix posts record Q3 profit on surging chip prices

Monday, 28 Oct 2013 | 7:49 PM ET

SEOUL, Oct 29 (Reuters) - South Korea's SK Hynix Inc posted a record quarterly profit on Tuesday as a rally in computer memory chip prices helped cushion reduced output following a fire at its plant in China.

The world's second-biggest memory chipmaker reported 1.2 trillion won ($1.1 billion) in operating profit for July-September, above analysts' consensus forecast of 1.08 trillion won by Thomson Reuters I/B/E/S.

The result compares with a 1.1 trillion won profit in the second quarter and a loss of 24 billion won a year ago.

Hynix, which competes with market leader Samsung Electronics Co Ltd, Japan's Toshiba Corp and U.S.-based Micron Technology Inc, has yet to fully restore operations at the damaged Chinese plant, which produced around 15 percent of global computer memory chips before last month's blaze. ($1 = 1061.0500 Korean won)

(Reporting by Miyoung Kim; Editing by Stephen Coates and Richard Pullin)

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