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Hanwha Solutions (Photo = Hanwha Solutions) |
[Alpha Biz= Reporter Kim Jisun] Hanwha Solution announced on the 25th that it recorded sales of 2.3929 trillion won and operating loss of 216.6 billion won, respectively, in the first quarter. Sales fell 22.8% year-on-year, and operating profit turned into a deficit. Operating profit in the first quarter of last year was 271.4 billion won.
The renewable energy sector, represented by the solar energy business, was particularly sluggish. The renewable energy sector recorded sales of 778.5 billion won and operating loss of 187.1 billion won. Hanwha Solution explained, "Sales have decreased and profitability has slowed down due to a drop in solar module sales and sales prices due to oversupply in major markets."
Hanwha Solution announced that it will shut down its solar module production plant in China from July. Sales at the Chinese plant reached 531 billion won last year, accounting for about 4% of the company's total. An official of Hanwha Solution explained, "It means that we will focus more on US business."
The chemical division recorded sales of 1.223 trillion won and operating loss of 18.9 billion won. The high-tech materials sector had sales of 249.6 billion won and operating profit of 10.6 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
