이 기사는 2021년 10월 29일 07시30분 thebell에 표출된 기사입니다

SK Hynix recorded foreign exchange gain of more than 400 billion won ($341 million) in the third quarter this year thanks to its highest quarterly revenue ever and the rise in the US dollar versus the Korean won.

The South Korean chipmaker posted non-operating income of 430 billion won in the three months through September, about 404 billion won of which came from foreign exchange gains, according to its preliminary earnings release on Tuesday.

The company has high foreign exchange exposure as its semiconductor products are mostly sold in US dollar terms. It uses a natural hedge strategy to manage currency risk, with its dollar-based revenue acting as a natural hedge for costs paid in the US dollar.

A large gain from foreign exchange movements in the latest quarter was largely driven by the company’s record quarterly revenue. SK Hynix’s third-quarter revenue was 11.8 trillion won, the strongest quarterly revenue in the company’s history.

Additionally, the company benefited from foreign exchange translation, with the US dollar rising against the Korean won from 1,082 won in early January to as high as 1,183 won in the third quarter.

What’s notable is that the stock price of SK Hynix fell by nearly 17% in the July-September period, from 124,500 won at the beginning of July to 103,000 won at the end of September. This was largely attributed to foreign investors’ sell-off, which accelerated the depreciation of the Korean won and in turn further exacerbated capital outflows. (Reporting by Hye-ran Kim)