Revenue at solar module developer Hanwha Q Cells was down 23.6% in the first quarter of 2017 to $432m, from $514.9m in the same period last year.
Gross profit also fell in the first three months of the year to $59.8m from $109m in the first quarter of last year, while income from operations also dropped to $28.3m from $56.7m.
The company expects revenue in the second quarter of the year to between $560m and $580m.
Hanwha Q Cells chairman and chief executive Seong-woo Nam said: “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.”
Image: Hanwha Q Cells
