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Biz News Korea(Eng)
Hanwha Q Cells makes dramatic turnaround, generating profit four straight quarters
- Collected
- 2016.05.21
- Distributed
- 2016.05.27
- Source
- Go Direct
![[Photo by Hanwha Q Cells]](http://file.mk.co.kr/meet/neds/2016/05/image_readtop_2016_364048_14637290402479072.jpg)
[Photo by Hanwha Q Cells]
The Nasdaq-listed company, a solar power unit of South Korea’s conglomerate Hanwha Group, on Friday reported net income of $27.5 million and operating income of $56.7 million in the first quarter. Its sales jumped 54.4 percent on year to $514.9 million. The company generated operating profit for four consecutive quarters.
The company said shipment to North America accounted for 50.6 percent, up from 20 percent in a year. Other favorable factors include reduced manufacturing costs realized after production of high efficiency cells in Korea, China and Malaysia.
Just a year ago, the company was bogged down with losses. The company, formerly Hanwha SolarOne Co. suffered from losses for four straight years from 2011 due to slow demands in the industry.
The merger of Hanwha SolarOne and Hanwha Q Cells in North America in February last year served as the tipping point for growth, helping to rationalize operation and lead to added value from polysilicon, cell and module production to power plant business.
Strong earnings are likely to continue with help from both supply and demand end. Increased output after its new plant in Chungbuk, Korea began operation in March would be reflected in sales from April. The plant is expected to turn out 1GW this year, close to maximum capacity of 1.5GW.
Recovery of polysilicon prices will likely further boost demand. According to market research company IHS, global solar power demands will expand from 68GW this year to 82GW in 2019.
By Kim Jung-hwan
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