SK hynix logged record-high quarterly profit in the third quarter on strong memory chip sales and an improved balance sheet, the company said Thursday.

Net profit came to 1.09 trillion won ($1.04 billion) in the July-September period, up 14.3 percent from 958.2 billion won the previous year, the company said in a regulatory filing.

The stronger bottom line eclipses the market estimate of 989 billion won from 19 analysts polled by Yonhap Infomax, the financial news arm of Yonhap News Agency.

The world’s second-largest chipmaker posted an all-time high quarterly operating profit of 1.30 trillion won, up 11.7 percent from 1.16 trillion won a year ago. Revenue grew 5.6 percent on-year to 4.31 trillion won, also the highest quarterly amount since the company was founded in 1983.

Shares of SK hynix climbed nearly 5 percent over the last three trading sessions in anticipation of a better quarterly performance.

The chipmaker said firm demand in DRAM chips for personal computers and business servers boosted overall sales, while the average chip prices maintained the same level as the previous three months. (Yonhap)