Hynix Semiconductor Inc. today announced the earnings results for its first quarter 2010, ended March 31, 2010.
Consolidated revenues of the first quarter of fiscal year 2010 totaled 2.82 trillion won slightly increased from 2.80 trillion won of the previous quarter. Such strong performance resulted in a new quarterly sales record. The increase was mainly due to a favorable memory market condition and shipment growth of DRAM as well as the average selling price improvement.
Quarter-over-quarter, DRAM average selling price and bit shipment climbed by 3% and 6% respectively. NAND Flash average selling price declined by 8% sequentially while bit shipment remained flat.
Operating profit reached 799 billion won with operating margin of 28%, further improved from the previous quarter’s 708 billion won. This is the highest operating profit for the first quarter basis mainly due to increased DRAM sales. The technology migration and DDR3 expansion also contributed to this record.
Net income for the quarter was 822 billion won posting a 25% increase compared with 657 billion won of the previous quarter. The primary reason for the difference between the operating profit and net profit was net interest expense of 76 billion won and net foreign currency transaction and translation gain of 113 billion won.