Hanwha Q CELLS Co., Ltd. (HQCL) has reported 36 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $17.60 million, or $0.21 a share in the quarter, compared with $27.50 million, or $0.33 a share for the same period last year. Revenue during the quarter dropped 16.10 percent to $432 million from $514.90 million in the previous year period. Gross margin for the quarter contracted 733 basis points over the previous year period to 13.84 percent. Total expenses were 93.45 percent of quarterly revenues, up from 88.99 percent for the same period last year. That has resulted in a contraction of 446 basis points in operating margin to 6.55 percent.
Operating income for the quarter was $28.30 million, compared with $56.70 million in the previous year period.
"Our first quarter results were modestly ahead of our plan and we are pleased to report that we have returned to a profitable quarter despite a challenging industry environment," said Mr. Seong-woo Nam, chairman and chief executive officer of Hanwha Q CELLS. Mr. Nam continued "We have been focusing on strengthening our sales backlog early on to increase our operational visibility in 2017 while diversifying our regional and segmental business profile to better navigate different market cycles."
For the second-quarter, Hanwha Q CELLS Co., Ltd. projects revenue to be in the range of $560 million to $580 million.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
