Titan Petrochemicals posts net loss of HK$581m for 2010

Debt-ridden Titan Petrochemicals Group has sank further into losses in 2010 despite its core onshore terminal business achieving an increase in revenue. Titan posted net loss of HK$581m in 2010 compared to net loss of HK$536 in 2009, reflecting the “fact that our core business is still in developmental stages”, said Tsoi Tin Chun, chairman and chief executive of Titan, in a statement on Thursday. The Hong Kong-listed firm's revenue for last year was HK$2.1bn, a 5.3% rise over 2009. Tsoi remained optimistic on Titan's storage business, where construction work is continuing at its China terminals to expand the storage capacity. Titan's combined storage capacity of 1.83m cubic metres will increase to 2.37m cubic metres by the end of 2011 from its three depots in Quanzhou, Nansha and Yangshan. The storage business registered revenue of HK$200m last year, up 23% compared to HK$162m in 2009.