SK Hynix Inc. today announced financial results for its third quarter ended September 30, 2016.

The Company’s consolidated third quarter revenue was 4.24 trillion won increasing 8% and operating profit amounted to 726 billion won rapidly rising 60% from the previous quarter. Net income for the quarter was 598 billion won after income tax expenses and so on. Operating margin was 17% and net margin was 14%.

The Company’s revenue increased owing to the memory market improvement led by launches of new mobile products and steady demand from a PC segment. The operating profit jumped as its expansion of a cutting edge 2Znm process contributed to the cost reduction and the average selling price of the products took an upturn.

Quarter over quarter, DRAM bit shipments grew by 8% due to increased inventory stocking orders from PC OEMs before the peak season as well as the launches of the brand new mobile devices with higher DRAM densities. The average selling price stayed flat. For NAND Flash, the bit shipments and the average selling price increased by 12% and 7% each also thanks to the new mobile gadgets with higher NAND densities.

SK Hynix will expand the 2Znm to reach 40% of its total DRAM production at the end of the year. To raise its competitiveness in DRAM, the Company will expand the 2Znm process in a mobile sector and develop 1Xnm DRAM without a setback. For NAND Flash, SK Hynix plans to sale 48-layer 3D NAND within this year as well as continuously increase the portion of planar 1Ynm products. The Company will also finish to develop 72-layer 3D NAND within the first half and start the mass production of it from the latter half of next year.