Hanwha Solutions announced on the 24th that its revenue for the first quarter of this year was 3.945 trillion won, an increase of 31.49% compared to the same period last year, and its operating profit turned positive at 30.3 billion won.
By institutional sector, the renewable energy sector recorded revenue of 1.5992 trillion won and operating profit of 136.2 billion won. The U.S. dwelling energy business led the improvement in profitability, resulting in better performance.
The chemical institutional sector recorded revenue of 1.0736 trillion won and an operating loss of 91.2 billion won. Continued oversupply of key products led to a decrease in selling prices, and a large-scale regular maintenance reduced profitability.
The advanced materials institutional sector recorded revenue of 273.8 billion won and an operating loss of 1.8 billion won. There were burdens from rising costs of lightweight composite materials, but improvements in the operational rate of new plants for Taeyang solar materials impacted the results.
Vice President Yoon An-sik noted, "In the second quarter, the upward trend in operating profit for the renewable energy institutional sector will continue," adding that, "Revenue from the sale of developer assets and plant design, procurement, and construction (EPC) is targeted at 400 billion to 500 billion won for the second quarter."