Hanwha Solutions reported on the 6th that last year's performance included a revenue of 12.394 trillion won and an operating loss of 300.2 billion won. Revenue decreased by 5.2% compared to the previous year, resulting in a switch to a loss.
When considering only the fourth quarter of last year, revenue was recorded at 4.6429 trillion won, with operating profit at 107 billion won. Quarterly revenue was the largest since the introduction of International Financial Reporting Standards (IFRS) in 2011, and operating profit increased by 70.8% compared to the same period last year.
The institutional sector for renewable energy recorded revenue of 5.7658 trillion won and an operating loss of 257.5 billion won. Although profitability declined due to price weakness from oversupply in the modules and other businesses, revenue from the sale of developmental assets and the EPC sector approached 3 trillion won, continuing the growth trend from the previous year.
The institutional sector for chemicals recorded revenue of 4.8172 trillion won and an operating loss of 121.3 billion won. As concerns about a global economic downturn spread, price weakness for major products persisted, compounded by rising shipping costs and increased electricity fees.
The institutional sector for advanced materials recorded revenue of 1.0376 trillion won and operating profit of 23.5 billion won. Demand for finished vehicles increased sales of lightweight composite materials, but price weakness in solar materials and the fixed costs of early-stage U.S. factories impacted performance.
However, Hanwha Solutions noted that the successful transition of results in the fourth quarter of last year is a positive sign. During this period, the institutional sector for renewable energy achieved the largest sales in history (2.869 trillion won) as module sales increased and revenue from the sale of development assets and EPC rose, resulting in a return to profit (60.6 billion won).
Hanwha Solutions Chief Financial Officer (CFO) Yoon An-sik said, "We plan to continue steady revenue growth in the developmental asset sales and EPC institutional sector."