Hanwha Solutions Reports Q3 Sales of 2.9 Trillion KRW and Operating Profit of 98.3 Billion KRW

Hanwha Solutions announced on the 31st that it recorded consolidated sales of 2.9258 trillion KRW and an operating profit of 98.3 billion KRW for the third quarter of this year. Compared to the same period last year, sales decreased by 9.7%, and operating profit fell by 70.8%. Net profit for the period was 20.6 billion KRW, down 85.1% from the previous year.

By business segment, the renewable energy division posted sales of 1.2799 trillion KRW, down 3.9% year-on-year, and operating profit of 34.7 billion KRW, a decrease of 82.4%. Operating profit declined due to a decrease in solar module sales volume and reduced sales margins.

In the fourth quarter, module sales volume and sales margins are expected to increase, and profits from the sale of overseas power assets are anticipated to be reflected. The related tax credit of 35 billion KRW, expected under the U.S. Inflation Reduction Act (IRA), was also included in the third-quarter operating results.

The chemical division recorded sales of 1.2859 trillion KRW, down 12.3% from the same period last year, and operating profit of 55.9 billion KRW, a decrease of 56.3%. Despite continued sluggishness in the petrochemical market, operating profit increased compared to the second quarter (49.2 billion KRW) due to improved sales margins of key products such as PE (polyethylene) and PVC (polyvinyl chloride).

Yoon An-sik, Vice President and Chief Financial Officer (CFO), stated, "Although solar product prices declined due to supply conditions exceeding demand strength in some regions, global solar demand continues to grow steadily. We expect an increase in sales volume in the fourth quarter and a resolution of the impact from high raw material costs, aiming for approximately 1 trillion KRW in power asset development and EPC sales."

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