Hanwha Solutions misses market expectations with net 378 billion won in 2022

Solar cells at Hanwha Solutions' factory in Jincheon, North Chungcheong [SHIN HA-NEE]

Hanwha Solutions generated a lower-than-expected net profit of 378 billion won ($295 million) in 2022, down 38.7 percent on year.

It fell far short of the market consensus of 672.5 billion won compiled by FnGuide.

Yearly operating profit rose 30.9 percent to an all-time high of 966.2 billion won, but just missed the market forecast of 1.1 trillion won.

Revenues were up 27.3 percent to 13.7 trillion won, also a record high, beating the expectation of 13.4 trillion won.

Hanwha Solutions pointed to the "equity losses from affiliated companies" affected by the sluggish petrochemicals demand for the lower-than-expected net profit.

But robust solar panel demand in the U.S. market drove operating profit and revenues up to a record level, according to the company.

BY SARAH CHEA [chea.sarah@joongang.co.kr]