Hanwha Solutions Reports Significant Q3 Loss Amid Strong Currency and Rising Costs.

General


Seoul: Hanwha Solutions Corp., a key player in renewable energy services and chemicals under the South Korean Hanwha Group, announced a shift to a net loss in the third quarter of the year. The company attributed this downturn to declining demand and increased logistics expenses, marking a notable financial setback.

According to Yonhap News Agency, Hanwha Solutions disclosed its net loss for the July-September period, amounting to 387.6 billion won (approximately US$280.2 million). This contrasts sharply with the profit of 22.7 billion won recorded in the same period the previous year.

The company also reported an operating loss of 81 billion won, a reversal from the 89.3 billion won profit observed a year ago. Revenue decreased by 4.5 percent, totaling 2.77 trillion won. The loss exceeded the average financial forecasts by 188.9 percent, as evidenced by a survey conducted by Yonhap Infomax, a financial data firm affiliated with Yonhap News Agency.

Hanwha Solutions identified the decline in both its renewa
ble energy and chemical sectors as the primary factors behind the losses. These sectors have been adversely affected by a combination of weak demand and escalating maritime logistics costs, further straining the company’s financial performance.