World News
Titan Releases 2012 Results Showing "Extreme Deteriorating Financial Position"
After delays related to its restructuring efforts, Titan Petrochemicals (Titan) has released financial results for 2012, detailing its "extreme deteriorating financial position" and "almost stagnant business operations" in July of that year, when it began its reorganization.
For the year ended December 31, 2012, Titan reported revenues of HK$1.3 billion ($168 million), down 34 percent from the previous year.
The company lost HK$4 billion ($516 million) in 2012, mostly driven by a loss related to the failure of Titan Group Investment Ltd. (TGIL), a petroleum products storage joint venture with Saturn Storage Limited (SSL), and impairment of Titan's shipyard assets, along with a HK$482 million ($62 million) loss from continuing operations.
The documents note that the company began restructuring with the help of "white knight" Guangdong Zhengrong Energy Co. Ltd. (GZE).
Titan said in December 2013 that it had made progress toward its restructuring goals, with a majority of shareholders supporting a company proposal and GZE agreeing to temporarily suspend efforts to collect debt owed by Titan Quanzhou Shipyard.
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| VLSFO | MGO | |||
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