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TITANS ENERGY: INTERIM REPORT 2024
TITANS ENERGY: INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024
China Titans Energy Technology Warns of Swing to H1 Loss
China Titans Energy Expects H1 2024 Net Loss
Titans Energy (02188.HK) issued a profit warning: It is expected that the shareholders' share of the net loss for the first half of the year will be approximately 28 million yuan to 33 million yuan.
On August 21, Guolonghui announced that Titans Energy Technology (02188.HK) disclosed that the group is expected to record a net loss attributable to shareholders ranging from approximately RMB 28 million to RMB 33 million for the six months ended June 30, 2024, compared to a profit attributable to shareholders of approximately RMB 5.597 million for the six months ended June 30, 2023. The board of directors believes that the above changes are mainly due to (including) (i) adjusting the sales strategy to seize market share in the face of intense market competition, resulting in a decrease in gross margin of about 2% during the period; (ii) sales and
"Profit Warning" Titans Energy Technology (02188.HK) is expected to convert from profit to loss in the first half of the year, with a maximum loss of 33 million Hong Kong dollars.
Titans Energy Technology (02188.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 28 million to 33 million RMB for the six months ending June 30, 2024, compared to a net profit attributable to shareholders of approximately 5.597 million RMB for the same period in 2023. The company explained that the expected decline in performance from profit to loss is mainly due to intense market competition, which prompted the adjustment of sales strategies to capture market share, resulting in a decrease in gross margin of approximately 2%; an increase in sales and administrative expenses of approximately 10 million yuan; a decrease in other income (including government grants and subsidies) of approximately 17 million yuan; and a decrease in accounts receivable.
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