Friday, January 24, 2014

Pico’s 2013 revenue and profit drops

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.”

This post is excerpted from BSG's weekly e-newsletter which is part of our subscription research service, BSG Tracker. Visit our website to find out more about this service. You can also follow us on Twitter for all the latest updates.

No comments: