Titan Petrochemicals in profit warning

Titan Petrochemicals in profit warning

Hong Kong: Titan Petrochemicals issued something it has not been able to do for many years today – a profit warning. Shorn of many loss-making divisions, the company, which was forced to suspend trading of shares on the Hong Kong Stock Exchange in June 2012, said its preliminary assessment of its unaudited results showed a net profit for last year.

Titan Petrochemicals has reported losses from 2007 onwards, having diversified into many businesses. It fought many battles to avoid liquidation and is now run by Guangdong Zhenrong Energy. A number of court cases are ongoing.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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