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South Korean chip maker reports losses on falling demand

South Korean company Hynix Semiconductor has reported a £657m net loss for the fourth quarter of 2008 as a result of declining demand in the economic downturn...

South Korean company Hynix Semiconductor has reported a £657m net loss for the fourth quarter of 2008 as a result of declining demand in the economic downturn that has hit most other large computer chip manufacturers.

Intel, AMD, Texas Instruments, STMicroelectronics and Samsung have all reported disappointing financial results for the fourth quarter of 2008, with several planning job cuts as part of cost cutting strategies.

Hynix declared an operating loss of £386m, but said the net loss was so much higher because of exchange losses as a result of the weak Korean won and high level of debt in US dollars.

The Korean company also reported that sales for the quarter decreased by 18% with prices for different types of memory dropping between 18% and 43%.

Sales in fiscal year 2008 decreased by 21% from a year ago, the company said.

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