Seoul: Hanwha Solutions Corp., the energy solutions division of the chemicals-to-shipbuilding conglomerate Hanwha Group, announced a net loss of 404.8 billion won (US$276.4 million) for the fourth quarter, continuing its financial struggles from the previous year.
According to Yonhap News Agency, the company revealed in a regulatory filing that it suffered an operating loss of 478.2 billion won during the October-December period. This is a stark contrast to the 107 billion won operating profit recorded in the same period the previous year. Additionally, the company's sales declined by 18.6 percent, amounting to 3.77 trillion won.
The reported operating loss exceeded expectations, being 156 percent higher than the average estimate based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.