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.