Hanwha SolarOne,a China-based vertically integrated manufacturer of silicon ingots,wafers and solar cells and modules,reported its unaudited financial results for the quarter ended March 31,2012.
The firm stated that first-quarter 2012 total net revenues were CNY803.9 million(US$127.7 million),a decrease of 17.8%from CNY978.3 million in fourth-quarter 2011,and a decrease of 63.5%from CNY2,203.1 million in first-quarter 2011.The decrease in total net revenues in the first quarter compared to the previous quarter was primarily due to lower shipments and reduced average selling price(ASP),according to the firm.
Revenue contribution from solar module processing services as a percentage of total net revenues in the first quarter was 7.7%,compared with 8.9%in fourth-quarter 2011.Hanwha SolarOne stated the decrease reflected a decrease in revenue from Q-Cells,which filed a petition for bankruptcy in April 2012,and the firm's efforts in building its own brand.
Solar module shipments,the firm added,including module processing services,were 160.7 MW,a decrease from 189.1MW in fourth-quarter 2011,and a decrease from 248.5MW in first-quarter 2011.The decrease in module shipments in the first quarter was due to the firm's decision to reduce shipments to the US to avoid potential retroactive tariffs.
Demand from China was light in the first quarter,but expects to see renewed momentum in the second half of 2011,according to the firm.
The firm noted that gross loss shrank in the first quarter.Hanwha SolarOne's total first-quarter 2012 gross loss was CNY75.2 million,compared with a gross loss of CNY604.6 million in fourth-quarter 2011 and a gross profit of CNY380.0 million in first-quarter 2011.
Gross margin was negative 9.4%,compared with negative 61.8%in fourth-quarter 2011.
For second-quarter 2012,the firm expects total module shipments to be approximately 230-240MW,of which about 10%will be for solar module processing services.
For full year 2012,Hanwha SolarOne expects module shipments to be approximately 1GW,of which about 5%will be for solar module processing services.
