Renewable Energy Expected to Return to Profit in Q4
Hanwha Solutions announced on the 30th that it recorded consolidated sales of 2.7733 trillion KRW and an operating loss of 81 billion KRW for the third quarter of this year.
By business segment, the renewable energy division posted sales of 1.1525 trillion KRW and an operating loss of 41 billion KRW. Thanks to improved profitability from the sale of development assets and the EPC (Engineering, Procurement, and Construction) business, the quarterly deficit decreased by more than 50% compared to the previous quarter.
The chemical division recorded sales of 1.1886 trillion KRW and an operating loss of 31 billion KRW. The prolonged delay in global demand recovery led to continued price weakness, and profitability was weakened by a sharp rise in maritime freight costs.
The advanced materials division posted sales of 254.6 billion KRW and an operating profit of 6.1 billion KRW. Operating profit declined compared to the same period last year due to the summer shutdown of major customers.
A Hanwha Solutions representative stated, "The renewable energy division is expected to return to profitability in the fourth quarter due to increased module sales, sales from development asset disposals, and higher EPC revenue," adding, "The chemical division is expected to face weak market conditions entering the year-end off-season."
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