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UPDATE 1-SK Hynix posts record Q3 profit on surging chip demand

* Q3 profit $3.3 bln vs $3.4 bln analysts' estimate

* Soaring memory chip demand lifts profit

* Says will focus on server and mobile products (Adds background on chip industry, Toshiba deal)

SEOUL, Oct 26 (Reuters) - South Korea's SK Hynix Inc said on Thursday third-quarter operating profit leapt more than five-fold to a record high, matching market expectations, on rocketing demand for memory chips.

The world's second-biggest memory chip maker behind Samsung Electronics Co Ltd made a bigger profit in the quarter than it did in all of last year, as a "super-cycle" of tight supply and soaring demand drives chip prices and margins.

Profit for July-September rose to 3.7 trillion won ($3.28 billion) from 726 billion won in the same period a year ago, SK Hynix said. That compared with a 3.8 trillion won Thomson Reuters StarMine SmartEstimate from a survey of 20 analysts.

Revenue rose 91 percent to 8.1 trillion won.

SK Hynix is on track for what analysts estimate to be its largest-ever annual operating profit of 13.6 trillion won. Larger rival Samsung Electronics Co Ltd, the world's top memory chipmaker, is also expected to book record quarterly profit for the three months through September on Oct. 31.

Total industry revenue this year will likely be a record $126 billion, and is set to rise further to $130 billion in 2018 before falling to about $115 billion in 2019, forecasts from research provider Gartner showed.

"SK Hynix will place its focus on server and mobile products, which are expected to lead the market demands," SK Hynix said in a statement.

SK Hynix said DRAM chip shipments rose 17 percent from April-June while average selling prices climbed 6 percent. NAND chip shipments jumped 16 percent while the average selling price dropped 3 percent.

The company agreed last month to invest 395 billion yen with a consortium led by Bain Capital buying Toshiba's memory chip business, but analysts said benefits from the deal were unclear.

"Unlike strategic investors such as Western Digital, SK Hynix is not expected to utilise Toshiba's factories for NAND contract manufacturing, while the situation does not makes joint technological development easy," Samsung Securities analyst MS Hwang said in a note last week.

In a move to address anti-trust concerns that may come up in a regulatory review, Toshiba said last month SK Hynix would be barred from accessing proprietary information that belonged to the chip unit, and for 10 years would not be permitted to own more than 15 percent of voting rights.

The deal has yet to close. ($1 = 1,126.6600 won) (Reporting by Joyce Lee; Editing by Stephen Coates)