SK Hynix Reports 44% Drop in Operating Profit Last Year Amid Memory Market Slump

Sales increased by 4% to 44.6481 trillion won

[Asia Economy Reporter Kim Pyeonghwa] SK Hynix announced on the 1st that its operating profit on a consolidated basis last year decreased by 44% to 7.0066 trillion KRW. Sales increased by 4% from the previous year to 44.6481 trillion KRW. Net profit was recorded at 2.4389 trillion KRW.

SK Hynix stated, "Although sales growth continued last year, operating profit decreased compared to the previous year due to the semiconductor downturn that persisted from the second half of the year. As uncertainty in the business environment increases, the company is striving to minimize the impact of the market downturn by reducing investments and costs and focusing on high-growth markets."

Sales in the fourth quarter of last year were 7.6986 trillion KRW, down 38% from the same period last year. Due to the sluggish semiconductor market, operating profit turned to a loss, resulting in a loss of 1.7012 trillion KRW. This is the first time in over 10 years since the third quarter of 2012.