Hynix posts Q1 net loss on weak chip prices

SEOUL, April 24 (Reuters) - Hynix Semiconductor Inc (000660.KS), the world's No. 2 memory chip maker, reported its sixth straight quarterly loss on Friday on weak chip prices and depressed demand amid the industry's worst-ever downturn.

Hynix reported a 1.18 trillion won ($873.3 million) net loss in the quarter ended in March on a consolidated basis, in line with a 1.08 trillion won shortfall forecast by Reuters Estimates.

The result compares with a 675.6 billion won net loss in the year-earlier quarter and a revised 1.69 trillion won shortfall in October-December.

Hopes are growing for a long-awaited recovery in the memory chip sector, as prices of dynamic random access memory (DRAM) chips are stabilising following steep output cuts by distressed makers.

Shares in Hynix have more than doubled so far this year, fueled by hopes for the memory market turnaround, leading the wider market's .KS11 22 percent gain for the year through Thursday. (Reporting by Rhee So-eui and Marie-France Han; Editing by Jonathan Hopfner)