Seoul: Hanwha Solutions Corp. announced that despite remaining in a net deficit during the second quarter, the company successfully reduced its net loss due to steady advancements in its renewable energy sector.
According to Yonhap News Agency, Hanwha Solutions disclosed in a regulatory filing that its net loss for the April-June period amounted to 178.4 billion won (US$129 million). This marks an improvement from the previous year's net deficit of 330.6 billion won. The reported net loss exceeded the average estimate by 430.1 percent, as per a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.
The company reported an operating profit of 102.1 billion won for the quarter, a reversal from the operating loss of 112.2 billion won experienced a year earlier. Sales during this period increased by 17.6 percent year-on-year, reaching 3.11 trillion won. A significant contributor to this growth was the renewable energy division, which generated 1.45 trillion won in sales and achieved an operating profit of 156.2 billion won, largely fueled by the expansion of its solar energy business in the U.S. residential market.
Meanwhile, Hanwha Solutions' chemical division recorded sales of 1.24 trillion won but faced an operating loss of 46.8 billion won.