Seoul: Hanwha Solutions Corp. on Wednesday reported its third-quarter net profit of 4.5 billion won (US$3.1 million), marking a significant shift from a loss of 387.6 billion won a year earlier. The company's financial turnaround is a notable development in its fiscal performance.

According to Yonhap News Agency, Hanwha Solutions disclosed in a regulatory filing that it continued to face an operating loss of 7.4 billion won for the July-September period, though this was an improvement compared to a loss of 80.3 billion won a year earlier. The company also saw its revenue rise by 22.5 percent, reaching 3.36 trillion won.

The operating loss was notably 95.3 percent lower than the average estimate, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency. This improvement in operating loss indicates a better-than-expected performance for Hanwha Solutions in the third quarter.