Hanwha SolarOne Co., Ltd., a vertically integrated manufacturer of silicon ingots, wafers and PV cells and modules in China, reported its financial results for 4Q13 and full year ended December 31, 2013. The company hosted a conference call to discuss the results at 8:00 am Eastern Time (8:00 pm Shanghai Time) on March 13, 2014. According to its press release on the results, there was a rapid growth both in 4Q13 and full year 2013. In the full year 2013, Net revenue increased by 28.5% from 2012; the gross margin was positive 7.1%, compared to negative 8.8% in 2012.
Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "The final quarter of 2013 was marked by significantly improved financial results, and when excluding year-end non-cash charges and other non-GAAP accounting treatments unrelated to the operations of our business we would have recorded profitability. This financial progress was achieved through increased revenues and shipments, reductions in our manufacturing cost structure, and continued diligence in controlling operating expenses. We maintained a strong presence in Japan and increased our penetration of the fast-growing domestic market in China."
"We are optimistic that 2014 will prove to be a much stronger year for the Company with further shipment growth and additional reductions in our cost structure including notably better operating metrics at our internal ingot and wafer facility,” noted Chairman Hong. “We intend to establish a downstream presence in China and grow our China business by leveraging several recently established strategic partnerships. We plan to expand capacity to meet growing global demand, as well as automate existing manufacturing to reduce cost and improve product consistency and quality."
To read the full press release, please visit: Hanwha SolarOne Reports Fourth Quarter and Full Year 2013 Results