News this week: Earlier this week, Hong Kong-listed, Pico
Far East Holdings announced its results for the year ended 31st October
2013. Revenues dropped by 14% year-on-year, down to US$428 million. Profit attributable
to owners of the company also recorded a decline of 11% to US$27 million. Diluted
earnings per share for the year were HK$0.1729 (US$0.022).
The exhibition & event marketing services generated 74% of
the company’s revenues - US$318 million, a 9.4% decrease compared with last
year. The company’s management noted a tough economic environment affected
international trade and the MICE industry. According to Pico, 2013 was also a
year lacking in mega events, which strongly affected its exhibition & event
marketing business.
Lawrence Chia,
chairman of Pico, commented, “The global economic slowdown has had inevitable knock-on
effects which have been felt across the entire MICE industry. Also, given that
this was a year lacking in mega events, as a result, our largest core business
segment – exhibition and event marketing services – experienced a decline.
Fortunately, we anticipated this situation well in advance and worked hard to
secure new contracts and retain existing clients.”
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