Hanwha Solutions Posts 7.4 Billion Won Operating Loss in Q3... Deficit Narrows
Renewable Energy Division Achieves Four Consecutive Quarters of Profitability
Chemical Division Narrows Losses as Basic Raw Material Prices Decline
Hanwha Solutions announced on November 5 that, on a consolidated basis for the third quarter of this year, it recorded sales of 3.3644 trillion won and an operating loss of 7.4 billion won. Compared to the same period last year, sales increased by 22.5%, and the operating loss narrowed from 80.3 billion won in the previous year.
By business segment, the renewable energy division posted sales of 1.7515 trillion won and an operating profit of 7.9 billion won. Despite a decrease in solar module sales, the division maintained profitability thanks to the expansion of the U.S. residential energy business, the sale of development assets, and increased EPC sales.
The chemical division recorded sales of 1.1603 trillion won and an operating loss of 9 billion won. Although the prices of basic raw materials declined, the steady sales prices of core products widened the spread and reduced the operating loss.
The advanced materials division posted sales of 257.9 billion won and an operating profit of 3.6 billion won. Despite summer shutdowns at major lightweight composite material clients, the division maintained profitability by adjusting sales in low-margin solar material markets and improving the cost structure at its U.S. plant.
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Jung Won-young, Chief Financial Officer of Hanwha Solutions, stated, "In the fourth quarter, the renewable energy division is inevitably expected to see reduced operating rates and sales volumes at its U.S. module plant due to strengthened customs regulations, such as U.S. Customs' supply chain inspections. For the chemical division, the operating loss is expected to widen again due to regular maintenance and weak demand caused by seasonality."
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