Hanwha Q CELLS Co., Ltd. (HSOL) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $25.50 million, or $ 0.01 a share in the quarter, against a net profit of $26 million, or $0.01 a share in the last year period.
Revenue during the quarter dropped 19.40 percent to $565.90 million from $702.10 million in the previous year period. Gross margin for the quarter contracted 957 basis points over the previous year period to 9.54 percent. Operating margin for the quarter stood at negative 1.08 percent as compared to a positive 7.66 percent for the previous year period.
Operating loss for the quarter was $6.10 million, compared with an operating income of $53.80 million in the previous year period.
Mr. Seong-woo Nam, Chairman and CEO of Hanwha Q CELLS, remarked “We achieved record high total module shipment and revenue in the full year 2016 while establishing solid market positioning in key strategic markets in both mature and emerging countries. In 2016, we have also successfully ramped up a world leading PERC cell in-house production capability, now having produced over 3 GW[1] of both mono and multi PERC cells since 2015, positioning Hanwha Q CELLS as a global leader in production of advanced cells.”
For the first-quarter, Hanwha Q CELLS Co., Ltd. expects revenue to be in the range of $410 million to $430 million.
Debt moves up
Hanwha Q CELLS Co., Ltd. has witnessed an increase in total debt over the last one year. It stood at $1,278.80 million as on Dec. 31, 2016, up 6.64 percent or $79.60 million from $1,199.20 million on Dec. 31, 2015.
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