Titans Energy Technology (02188.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 28 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 performance turnaround from profit to loss is mainly due to intense market competition. The company has adjusted its sales strategy to gain market share, resulting in a decrease in gross margin of approximately 2%. Sales and administrative expenses have increased by approximately 10 million RMB. Other income (including government grants and subsidies) has decreased by approximately 17 million RMB. Accounts receivable provision has increased by approximately 8 million RMB. (js/k)

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