Hanwha Solutions Reports Operating Loss of 107.8 Billion KRW in Q2, Turning to Deficit
Hanwha Solutions announced on the 25th that it recorded consolidated sales of 2.6793 trillion KRW and an operating loss of 107.8 billion KRW in the second quarter of this year. This marks a turnaround to a loss compared to an operating profit of 182.2 billion KRW in the same period last year.
By business segment, the renewable energy division recorded sales of 980.2 billion KRW and an operating loss of 91.8 billion KRW. The quarterly loss narrowed by more than 50% compared to the previous quarter due to increased module sales, asset sales related to development, and improved EPC-related performance.
The chemical division posted sales of 1.2224 trillion KRW and an operating loss of 17.4 billion KRW. Although the recovery of global petrochemical demand was delayed, the price increase of some products such as polyethylene (PE) reduced the scale of losses compared to the previous quarter.
The advanced materials division recorded sales of 265.9 billion KRW and an operating profit of 9 billion KRW. Sales increased compared to the previous quarter, supported by strong sales from major customers.
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A Hanwha Solutions official stated, "The renewable energy division is expected to further reduce its losses in the third quarter as module sales increase," and added, "The chemical division is expected to see some improvement in profitability due to rising prices of key products."
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