UPDATE 1-Titan Petro shares slide on earnings; outlook upbeat

(Adds executive comments and details)

HONG KONG, April 24 (Reuters) - Titan Petrochemicals Group Ltd (1192.HK) expects the company to reverse 2007 losses and return to reprofitability this year thanks to growth from its China shipyard, executives said on Thursday.

The comments came after Titan posted a net loss of HK$29 million ($3.72 million) in 2007 due to surging oil prices, higher costs and market volatility. It made a net profit of HK$100 million in 2006.

Shares of the company were down more than 9 percent early on Thursday after the results, lagging a market rally after Beijing reduced a stock trading tax.

"We do anticipate profitability in 2008. The shipyard will be the major profit contributor," Chief Financial Officer Philip Chu said in a telephone conference.

The firm, which provides oil storage, distribution and transportation services and operates a shipyard in China, delivered two bunker tankers in the second half of 2007.

In 2008, the new yard plans to deliver 10 ships while its ship repairing business is expected to start in 2010.

Titan blamed the poor performance of 2007 on high oil prices.

"Our supply distribution, that has a lot to do with oil prices. Late last year the oil price increased suddenly and that hurt our business," Chu said. (Reporting by Alison Leung; Editing by Anne Marie Roantree)