The downstream oil logistics company posted a full year 2011 net loss of HK$783m ($100.83m) compared to a net loss of HK$581m in 2010.
Revenue, however, inched up to HK$2.2bn from HK$2.11bn a year ago.
“We face cetain difficulties in our financial status due to the delays in consummation of the shipyard disposal transaction,” Hong Kong-listed Titan said.
Titan has not yet received payment of approximately HK$1.2bn for the disposal of its 95% equity interest in Titan Quanzhou Shipyard to Grand China. As a result, Titan has been unable to repay the overdue principal and interest on the senior notes amounting to approximately HK$860.9m in total.
“Despite the challenges ahead, Titan will continue with the expansion of its core businesses at the opportune time in order to remain as one of the largest independent storage operators in China,” it said.
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