(LEAD) Hanwha Solutions Q3 net surges on robust solar module sales

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SEOUL, Oct. 29 (Yonhap) -- Hanwha Solutions Corp., the energy solutions arm of South Korea's Hanwha Group, said Thursday its third-quarter net profit surged from a year earlier on robust solar module sales.

Net profit for the three months ended Sept. 30 jumped to 68.5 billion won (US$51.3 million) from 4.5 billion won in the same period last year, the company said in a press release.

"Increased shipments of solar modules for use in utility-scale power plants and residential installations in the United States buoyed the quarterly results," the company said.

In the advanced materials division, increased supplies of automotive parts to major customers in North America also contributed to the improved results, it said.

The full operation of the company's Solar Hub, a solar module production facility in Atlanta, helped Hanwha Solutions post an operating profit for the third consecutive quarter, Chief Financial Officer Lee Jae-bin said.

Looking ahead, solar module prices are expected to remain high in the fourth quarter, but the delayed impact of higher prices and volatility in raw material prices could weigh on earnings, he said.

The company swung to an operating profit of 90.5 billion won in the third quarter from an operating loss of 7.4 billion won a year earlier.

Sales rose 17.4 percent to 3.94 trillion won from 3.36 trillion won over the same period.

From January to September, the company shifted to a net profit of 323.2 billion won from a net loss of 204.11 billion won in the year-ago period.

Operating profit nearly quadrupled to 489.65 billion won from 124.96 billion won during the mentioned period. Sales rose 29.6 percent to 12.41 trillion won from 9.58 trillion won.

Hanwha Solutions operates solar cell and module plants and a chemical plant in South Korea, two solar module plants in the U.S. state of Georgia, another solar module plant in Malaysia, and a polyethylene and polyvinyl chloride (PVC) plant in China.

kyongae.choi@yna.co.kr
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