News this week: Pico Thailand,
the Thai-listed subsidiary of Hong Kong-based Pico
Far East Holdings, released its results for the financial year ended 31st
October 2012. The company posted revenues of US$42 million, a decline of 5.4%
compared with the previous year. Pico Thailand recorded a net profit of US$2.1
million this year, a year-on-year 13% decrease. Earnings per share in the
financial year were Baht 0.377 (US$0.0123).
Pico Thailand’s management did not provide any commentary to
explain the reasons of the decline in revenue and profit. The company’s financial
statements do reveal that selling expenses and administrative expenses
increased by 132% and 13% year-on-year, respectively.
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