Hanwha Solutions Corp., a renewable energy services and chemicals affiliate under Hanwha Group, said it swung to a deficit in the third quarter due to waning demand and rising logistics costs.

Its net loss reached 387.6 billion won (US$280.2 million) for the July-September period, turning from a profit of 22.7 billion won a year earlier, the company said in a regulatory filing.

It posted an operating loss of 81 billion won, compared with a profit of 89.3 billion won a year ago. Revenue fell 4.5 percent to 2.77 trillion won.

The loss was 188.9 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hanwha Solutions said the decline was primarily attributed to setbacks in both the renewable energy and chemical businesses, which struggled with sluggish demand and surging maritime logistics costs.

Source: Yonhap News Agency