Hanwha SolarOne slides in Q3
Hanwha SolarOne saw its revenues dip and its net loss widen during the third quarter, in a hangover left from the EU-China PV spat and the completion of the company’s largest-ever order the quarter prior.
At a time when some other Chinese PV manufacturers – such as Trina and Canadian Solar – are upping their third-quarter guidance in advance of publication, SolarOne saw both its quarterly revenues and shipments slide modestly.
Revenues dipped 4% to 1.14bn yuan ($190m) quarter on quarter, while module shipments – including module-processing services – slid 1% to 318MW.
SolarOne – known as Solarfun before being acquired by Korea’s Hanwha Group – blamed the shipment decline on its having wrapped up a 155MW order in South Africa the quarter before, the largest single order in the company’s history.
The completion of that deal – with Spain’s Cobra – contributed to the sharp shake-up in SolarOne’s geographical revenue mix during the third quarter, with Japan (46%), the US (12%) and China (11%) rounding out the top three destinations for its modules – compared to Japan (34%), South Africa (20%) and Germany (12%) the quarter prior.
SolarOne believes it will ship 1.2GW-1.4GW of modules this year, up significantly on the 830MW it sent out last year.
As much as 35% of SolarOne’s shipments this year will be made under module-processing services, meaning assembles cells into modules which will bear another company's name. A large portion is likely going to Japan, where domestic players like Sharp are known to be outsourcing module production to China to keep up with fiery local demand.
SolarOne’s net loss for the quarter widened sharply to 460.4m yuan, from a loss of 166m during the second quarter. The bottom line was impacted by a “one-time tax payment” resulting from the EU anti-dumping investigation in July and August.
No earnings guidance was given for the full year.
One big question hanging over the future of SolarOne is when – or whether – Hanwha will integrate it with Q Cells, its other major PV property.
The company will imminently launch its next-generation E Star II cells into commercial production.