SK Hynix records 116% increase in profit in Q1

SK Hynix said on Wednesday that it recorded 12.15 trillion won in revenue and 2.85 trillion won in operating profit during the first quarter.

Revenue jumped by 43% from a year ago, while operating profit increased 116% over the same time period.

It is SK Hynix’s best performance for the first quarter to date.

The company said despite it being a low-demand season, memory chip prices dropped lower than expected and revenue from subsidiary Solidigm helped its earnings.

SK Hynix spend 380 billion won to compensate a customer for quality issues with its DRAM and another 100 billion won to set up Solidigm during the quarter, it added.