(LEAD) Hanwha Solutions-Q3 earnings

(LEAD) Hanwha Solutions logs record high profit in Q3 on robust solar panel demand

SEOUL, Oct. 27 (Yonhap) -- Hanwha Solutions Corp., an energy unit of Hanwha Group, said Thursday it reaped a record high profit in the third quarter of the year on the back of solid solar panel demand in the United States and Europe.

Operating income reached 348.4 billion won (US$245.8 million) in the July-September period, nearly doubling from 178.4 billion won the previous year, the company said in a regulatory filing.

Sales rose 30.4 percent to 3.36 trillion won. Net profit came to 138.6 billion won, down 28.4 percent from a year ago.

The stronger bottom line came as sales of solar panel modules grew sharply in the United States and Europe, two key overseas markets amid a global trend toward zero emissions, Hanwha Solutions said.

Hanwha Solutions has the biggest share in both the residential and commercial solar panel market in the U.S.

Its renewable energy division swung to the black with an operating profit of 197.2 billion won in the third quarter. Sales also grew 61 percent on-year to 1.33 trillion won.

The chemicals business saw operating profit sink 55 percent to 119.7 billion won in the same period on narrowing margins due largely to rising prices of basic materials like polyvinyl chloride (PVC) and polyolefin (PO) -- common types of plastics. Sales grew 12 percent on-year to 1.47 trillion won.

Its advanced materials segment generated 19.8 billion won in operating profit in the third quarter, growing by more than eightfold from 2.3 billion won, thanks to solid demand for solar panel and automotive components. Sales also rose 38 percent to 312.7 billion won.

Hanwha Galleria, its retail unit, posted a 5 percent on-year sales increase of 126.5 billion won and a 13.2 percent on-year growth in operating profit to 7.7 billion won.

In September, Hanwha said it will carve out the Galleria department store and advanced materials units by early next year as part of Hanwha Group's broader plan to streamline its businesses.

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