Hanwha SolarOne Q2 Loss Narrows - Quick Facts

(RTTNews) - Hanwha SolarOne Co., Ltd. (HSOL) reported that its second-quarter net loss attributable to shareholders narrowed to RMB166.0 million or $27.0 million from RMB266.7 million in the same quarter last year. Net loss per ADS was RMB1.96 or $0.32, compared to a net loss per ADS of RMB3.16 in the prior year.

The company recorded a net gain of RMB47.2 million or $7.7 million, which included a foreign exchange gain and a gain from the change in fair value of derivatives in hedging activities. The company recorded a net loss of RMB34.3 million in the second-quarter of 2012 for the foreign exchange loss and the gain from change in fair value of derivatives in hedging activities.

Net loss attributable to shareholders on a non-GAAP basis narrowed to RMB130.0 million or $21.2 million, from RMB245.9 million in the previous year. Net loss per basic ADS on a non-GAAP basis was RMB1.54 or $0.25, compared to net loss per basic ADS of RMB 2.91 in the prior year.

Total net revenues were RMB1.18 billion or $192.7 million, an increase of 10.4% from RMB 1.07 billion last year.

For the third quarter 2013 the company expects module shipments of 300-325MW.

For the full year 2013, the company anticipates module shipments between 1.2-1.4GW of which about 30-35% will be for PV module processing services. The company expects capital expenditures of $75 million depending on demand and other market conditions.