Monday, November 18, 2002
Hynix Semiconductor Inc. Thursday reported a net loss of $513 million (617 billion won) for the third quarter, a 58% sequential increase over the net loss of 418 billion won for the previous quarter. The company's sales totaled $543 million, down 15% from the second quarter.
Executives said Hynix is expecting a better fourth quarter due to an anticipated seasonal pickup in demand and improved fab productivity.
In its earnings statement, Hynix said it is carrying $3.78 billion in interest bearing debt in addition to $1.76 billion in short-term liabilities. Creditors, which hold an 80% stake in Hynix, are awaiting a final recommendation from their advisor, Deutsche Bank, as to whether a further financial restructuring of the company will be needed.
By: DocMemory
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