South Korea's Hynix Semiconductor, the world's second largest memory chipmaker, on Thursday said its net profit in the second quarter to June jumped 41 percent from a year earlier on brisk sales.
Its consolidated net profit, which includes the company's overseas operations, came to 334 billion won (349 million dollars) for the April-June period, up 41 percent year-on-year and up 13 percent from the previous quarter.
Operating profit came to 387 billion won, up 46 percent year-on-year and up eight percent from the three months to March with sales up 31 percent and 15 percent, respectively, at 1.67 trillion won.
"Although it was a slow season, DRAM (chip) prices held relatively firm, primarily due to industry-wide limited supply," Hynix said.
The average selling price for Hynix DRAM chips rose one percent and DRAM shipments increased 20 percent as competititors faced difficulties in moving to upgraded technology and specialty products, it said.
Market forecasts had been for a second quarter operating profit of 388 billion won on sales of 1.56 trillion won.
Hynix shares rose two percent as the stock market rebounded strongly on expectations that the United States may stop jacking up interest rates.
"It is noteworthy that Hynix did well in the semiconductor business as Samsung Electronics' performance in that sector was rather lacklustre. Hynix' productivity increased greatly," one analyst said.
UBS Securities said the Hynix performance would continue improving in the second half because of increasing seasonal demand for PCs.
Hynix will also benefit from the introduction of a new PC operating system, Windows Vista, which is expected to underpin global demand for DRAMs next year.
