Friday, December 12, 2014

Political instability hits Pico Thailand’s bottom line

News this week: Earlier 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 2014. The company posted revenues of US$30 million, a year-on-year decrease of 19%. Pico Thailand recorded a net loss of US$156,000 this year, compared to a profit of US$1.3 million in the previous year.

Pico Thailand’s management attributed the drop in revenues to the downturn in the company’s event marketing business and government projects, and postponement of projects due to the country’s political uncertainty during the financial year.

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