Hanwha Solutions Achieves Record Quarterly Sales... Operating Profit Down 38% YoY

1Q Operating Profit 157.9 Billion
"Impact of Rising Solar Raw Material Prices and Logistics Costs"

[Asia Economy Reporter Moon Chaeseok] Hanwha Solutions announced on the 28th that it recorded consolidated sales of 2.9703 trillion KRW and an operating profit of 157.9 billion KRW in the first quarter.

Sales increased by 23.5% compared to last year, reaching a record high for a quarter due to the strong performance of the petrochemical sector, but operating profit decreased by 38% due to rising logistics costs and raw material prices.

By business segment, the chemical division recorded sales of 1.5481 trillion KRW, up 24% year-on-year, and an operating profit of 257.6 billion KRW, up 1.1%. Although raw material prices rose due to the increase in oil prices, profitability was maintained thanks to strong prices of key products such as caustic soda.

The new and renewable energy division posted sales of 920.6 billion KRW and an operating loss of 114.2 billion KRW. Sales increased due to a rise in global solar product shipments, but losses occurred due to increased logistics costs and a sharp rise in prices of key raw materials such as polysilicon.

The advanced materials division recorded sales of 262.3 billion KRW and an operating profit of 3 billion KRW, while the Galleria division posted sales of 123.9 billion KRW and an operating profit of 9 billion KRW.

A Hanwha Solutions official said, "Despite the rise in international oil prices, the chemical division is expected to continue solid performance in the second quarter due to strong prices of key products," adding, "The new and renewable energy division is also expected to improve performance from the second half of the year as raw material prices stabilize and module sales prices rise in key markets."

This content was produced with the assistance of AI translation services.