Hanhwa Solutions ends 2023 with 34.6% drop in operating profit

Hanwha Q Cells' solar plant in Georgia [HANWHA SOLUTIONS]

Hanhwa Solutions fell well short of operating profit expectations with 604.5 billion won ($454.7 million) posted in 2023, down 34.6 percent on year, while turning to the red in net earnings.

The persisting slowdown in the chemical industry weighed heavily on the company last year, whereas its solar panel business racked up record revenue and operating profit.

According to a regulatory filing Thursday, Hanwha Solutions saw a 34.6 percent on-year drop in operating profit last year to 604.5 billion won, below the market forecast of 728.5 billion won compiled by FnGuide.

Its revenue inched up by 1.2 percent to 13.29 trillion won, slightly above the market expectation of 12.94 trillion won.

The company posted a net loss of 155.3 billion won in a sharp reversal of previous year's surplus of 366 billion won.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]