Hanwha SolarOne Q1 Loss Narrows - Quick Facts

(RTTNews) - Hanwha SolarOne Co. Ltd. (HSOL) said that its first-quarter 2014 net loss attributable to shareholders narrowed to RMB133.4 million or $21.5 million, from RMB225.9 million in the year ago quarter. Net loss per ADS was RMB1.47 or $0.24, compared with net loss per basic ADS of RMB2.67 in the prior year.

Net loss attributable to shareholders on a non-GAAP basis was RMB98.8 million or $15.9 million, compared with a net loss attributable to shareholders of RMB202.9 million in the previous year.

Net loss per basic ADS on a non-GAAP basis was RMB1.09 or S$0.17, compared with net loss per basic ADS of RMB2.40 in the prior year.

Total net revenues for the quarter were RMB 1.138 billion or $183.1 million, an increase of 2.3% from RMB1.113 billion last year.

For the second quarter 2014 the company expects Module shipments of 350 - 370MW.

For the full year 2014, the company expects Module shipments between 1.5 - 1.6 GW of which about 25-30% will be for PV module processing services ; Capital expenditures of $80 million largely for automation of existing manufacturing lines, as well as, cell module capacity expansions to 1.5 GW and 2.0 GW respectively; Gross margins is targeted in the range of 15-20%.