Hanwha SolarOne Q2 2013 results

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Hanwha SolarOne posted a Q2 2013 net revenue increase of 6.3% to $192.7 million; Net loss decreased by 26.5% to $27 million.

 

 

Hanwha SolarOne reported its financial results for the second quarter of 2013. The company reported revenues of $192.7 million, up 6.3% from Q1 2013; net loss of $27 million, down 26.5% from Q1 2013; and shipments of 321.2 MW, up 11.1% from Q1 2013.

The shipments were the highest quarterly level since Hanwha’s purchase of the predecessor company in September 2010. Furthermore, the company strengthened its liquidity position with a $100 million long term loan from the Export-Import Bank of Korea.

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, “We recorded a solid performance for the second quarter ending June including further gross margin improvement reflecting an improved cost structure and better factory utilization, an 11% quarter-over quarter shipment gain and a return to positive operating cash flow. […] Our presence in emerging markets such as Japan and South Africa remained strong.”

For Q3 2013 Hanwha SolarOne expects module shipments of 300 to 325 MW, and for the full year 2013, the firm expects module shipments of 1.2 to 1.4 GW – of which approximately 30-35% will be for PV module processing services. Besides, for the full year 2013 the company expects capital expenditures of $75 million depending on demand and other market conditions.

HONG added: “Solar industry conditions continue to improve and we remain optimistic for the remainder of 2013 and beyond. We should continue to enjoy success in Japan and we expect to see improved volumes in the important China market. With the EU and China having reached agreement on import duties, we believe our market allocation and higher pricing will lead to good opportunity there. We look towards improving our presence in other emerging markets including South America, the Middle East and Southeast Asia. Our manufacturing module services business with Hanwha Q CELLS should see improved volumes during the second half of this year. We are also continuing to make progress in innovation with the planned introduction of our second-stage E Star module later this year with improved performance and lower manufacturing costs.”

The complete financial results can be viewed here.