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Hanwha SolarOne Rises on Asia Sales, New China Business

March 13 (Bloomberg) -- Hanwha SolarOne Co., the China-based photovoltaic manufacturing unit of South Korea’s Hanwha Group, rose the most in a month after reporting a narrower fourth-quarter loss on strong sales in Asia.

Hanwha’s American depositary receipts rose 14 percent to $3.70 at the close in New York, the most since Feb. 13. The Qidong, China-based company’s ADRs are each worth five ordinary shares.

The company reported net loss of of 21.8 million yuan ($3.6 million), compared with a loss of 670.4 million yuan a year earlier, according to a statement today. Revenue rose 55 percent to 1.29 billion yuan. Japan accounted for 44 percent of sales in the quarter and China 16 percent.

Hanwha sees even better results this year on growing global demand and new sources of revenue in China, Chief Executive Officer Hong Ki-Joon said in the statement.

“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,” he said. This year “will prove to be a much stronger year.”

The company plans to establish a business in China with a long-term goal of building 200 megawatts of power projects with its panels, he said in an earnings presentation.

Hanwha expects to ship 1.5 to 1.6 gigawatts of panels this year, according to the statement.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Jasmina Kelemen, Will Wade

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