Hanwha Solarone Co Ltd (NASDAQ:HSOL): Highlights of 2Q13 Results


Dallas, Texas 09/23/2013 (Financialstrend) – Headquartered in Qidong, the People’s Republic of China, Hanwha Solarone Co Ltd (NASDAQ:HSOL) is an investment holding company. The company is primarily engaged in manufacturing and sales of mono crystalline and multi crystalline silicon cells; PV module processing services; and construction services to build solar power systems. The company sells, directly as well through distributors, its PV cells and PV modules under the SolarOne brand largely in domestic markets as well as in international markets including Germany, Japan, Korea, India, Italy and the United States.

Earlier this month Hanwha Solarone Co Ltd (NASDAQ:HSOL) announced its 2Q13 results on Monday, September 9, 2013. The company reported revenues of $192.7 million in 2Q13, almost 6% up compared to 1Q13 and 10% compared to 2Q12. Solar module shipments jumped to 321.2 megawatt during the quarter, almost 40% up from the quarter, a year ago. The company also witnessed strong position in the emerging markets of Japan and South Africa. Operating cash flow was reported positive at $80 million.

The Chief Executive Officer of the company, Ki-Joon Hong mentioned that Hanwha Solarone Co Ltd (NASDAQ:HSOL) looks forward with immediate focus to drive down the cost structure and returning to net profitability with streamlining balance in the business mainly in China and exploring opportunities in other markets as well. However, with regards to module volume, company expects no positive growth for the 3Q13.

Hanwha Solarone Co Ltd (NASDAQ:HSOL) is one of the around 25 Chinese stocks trading in the U.S. markets which have delivered over 100% returns year to date when compared to average S&P’s return of 22%. The stock of the company has delivered close to 265% returns year to date and the stock is currently trading around $3.60. In its previous closing session on Friday, September 20, 2013 the stock traded in the range of $3.44 and $3.63 before closing around 5.23% up from its previous close.