By Kwanwoo Jun
SK Telecom Co.'s second-quarter net profit jumped 67% from a year earlier, largely due to a higher valuation of its stake in chip-making sister company SK Hynix Inc.
Net profit for the quarter ended June 30 was 432.20 billion won ($364.3 million) compared with a net profit of KRW259.10 billion a year earlier, the South Korean wireless-service company said Thursday. That beat a FactSet consensus forecast for net profit of KRW362.08 billion.
Revenue during the quarter rose 3.7% from a year earlier to KRW4.603 trillion, while operating profit gained 11% to KRW359.50 billion.
SK Telecom retains a 20% stake in SK Hynix, whose net profit in the second quarter more than doubled from a year ago on solid demand for memory chips.
The company said steady revenue growth amid a growing number of subscribers to 5G services also helped improve earnings.
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