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Hanwha Solarone swings to losses in Q1

May. 31, 2012 (China Knowledge) - Hanwha Solarone Co Ltd<HSOL>, a manufacturer of silicon ingots, silicon wafers, photovoltaic (PV) cells and PV modules in China, has posted RMB 48.2 million-net loss attributable to shareholders for the first quarter of this year, compared with a net profit of RMB 149.4 million it earned in the same period of last year.

Total revenues reached RMB 803.9 million in the three months ended Mar. 31, 2012, a decrease of 63.5% from a year earlier.

In the reporting period, the U.S.-listed firm's PV module shipments amounted to 160.7 megawatts, a YoY decrease of 35.3% from 248.5 MW.

As of Mar. 31, 2012, the company had RMB 1.91 billion in cash, whereas it had RMB 1.98 billion at the end of last year. The wafer and module supplier had an annual output capacity of 800 MW of ingots and wafers, 1.3 gigawatts of cells and 1.5 GW of modules.  

For the second quarter of this year, Hanwha Solarone expects its module shipments to be in the range of 230 MW to 240 MW, of which 10% will be for PV module processing services.

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