Hynix Semiconductor's net loss sharply narrows

Hynix Semiconductor Inc., the world's second-largest memory chip maker, said Friday its net loss narrowed sharply in the second quarter as a global supply glut eased.

Net loss for the three months to June fell steeply to 58 billion won (46.6 million dollars) on a consolidated basis, compared with a 1.178 trillion won deficit in the previous quarter and a 711 billion won loss a year earlier.

"Despite the seasonally weak demand in the second quarter, the bottom line has improved a lot as product prices showed signs of rebounding and cost cuts bore fruit," the company said in a statement.

Operating losses also dropped to 211 billion won from a 515 billion won deficit three months earlier and from a 172 billion won loss a year ago.

Sales totalled 1.676 trillion won in the April-June period, up 28 percent from the first quarter but down 10 percent from a year earlier.

"We plan to pull ahead of rivals by stepping up our technological prowess and cutting costs further in the second half of this year," the company said.

(c) 2009 AFP