Hanwha Solutions announced that it recorded a consolidated revenue of 3.95 trillion won and an operating profit of 90.5 billion won for the third quarter of this year, according to a disclosure on October 29. Revenue increased by 17.4% compared to the same period last year, while the operating profit turned around from a loss of 7.4 billion won in the same quarter last year.
By business segment, the renewable energy division reported revenue of 2.16 trillion won and an operating profit of 105.1 billion won. The increase in sales of solar modules to the U.S. and improved profitability in the residential energy sector contributed to this positive trend.
In contrast, the chemicals division recorded revenue of 1.34 trillion won but posted an operating loss of 44.7 billion won. The decline in product prices due to reduced geopolitical risk premiums and falling international oil prices, along with the lagging effects of high raw material costs, negatively impacted profitability.
The advanced materials division achieved revenue of 291.9 billion won and an operating profit of 38.9 billion won. Increased production volumes from major customers in the North American lightweight composite materials market and stable sales of solar materials contributed to the rise in operating profit.
Lee Jae-bin, Chief Financial Officer of Hanwha Solutions, stated, "With the full-scale operation of Solar Hub, we achieved three consecutive quarters of profit in the renewable energy sector. In the fourth quarter, we expect the upward trend in module sales prices to continue due to changes in U.S. trade policies, but short-term performance volatility is anticipated due to the time lag in price adjustments and fluctuations in the schedules and costs of EPC projects."
* This article has been translated by AI.
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