Friday, June 13, 2014

Pico Thailand records loss in Q2

News this week: Last week, Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, announced its results for the quarter ended 30th April 2014. Revenues in the quarter were US$6.6 million, down 15% compared with the same quarter last year. The company recorded a net loss of US$94,000 in the quarter, compared with a net profit of US$406,000 in 2013.

Pico Thailand’s management attributed the decrease in revenue to declining income from its event marketing business and a drop in government projects - as well as the delay of some projects due to political uncertainty in Thailand.

Pico Thailand also reported its results for the six months ended 30th April. Revenues in period were US$16 million, almost flat compared with the same period in 2013. In that six-month period, the company recorded a net profit of US$78,000, a 74% drop compared with last year. Earnings per share in the period were Baht 0.016.

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