[Infostock Daily = Reporter Lee Dong-hee] Hanwha Solutions decided to stop the polysilicon business, which has been in deficit for many years.

Hanwha Solutions said on the 20th that it decided to hold a board meeting and reflected the residual value of polysilicon production facilities as losses in last year's results.

As a result, Hanwha Solutions turned to a deficit with a net loss of 248.9 billion won last year.

A company official said, "Polisilicon sales prices are only about half of the production cost, so the more the utilization rate increases, the more loss will increase." "We will stop business within the year to resolve uncertainty."

Previously, OCI decided to stop operation of Gunsan 2 and 3 plants, which account for 65 percent (52,000 tons) of total 79,000 tons of polysilicon production facilities, due to deteriorating business environment.

Hanwha Solutions' operating profit last year was 378.3 billion won, up 6.77% from the previous year.

By business division, the solar power division recorded an operating profit of 223.5 billion won per year, surplusing for the first four consecutive quarters of last year. This is the highest ever since Hanwha entered the solar power business in 2010.

In the chemical sector, sales (3.526 trillion won) and operating profit (174.9 billion won) both decreased compared to the previous year due to the global economic slowdown

Sales for the same period increased by 5.05% year-on-year to 9.5033 trillion won.

Hanwha Solutions decided to buy and incinerate 1% of the total issued shares in its own stocks and pay 200 won (25 won for preferred stock) per common stock.

The incineration and dividend size of the stock is equivalent to a total of 63.1 billion won based on the closing price of the previous day.

Reporter Lee Dong-hee nice1220@infostock.co.kr