Friday, September 12, 2014

Pico Thailand records loss in Q3

News this week: Last week, Pico Thailand, subsidiary of Hong Kong-based Pico Far East Holdings, announced its financial results for the quarter ended 31st July 2014. In the quarter, Pico Thailand generated revenues of US$5.5 million – a 30% year-on-year drop. In the quarter, the company recorded a net loss of US$557,000, compared to a net profit of US$281,000 in the same quarter last year.

Pico Thailand also reported its results for the nine months ended 31st July. Revenues in the period were US$21 million, a decrease of 10% compared with the same period last year. Pico Thailand’s net loss in the nine-month period was US$451,000, compared with a net profit of US$569,000 in 2013.

According to Pico Thailand, the decrease in its revenues was caused by a drop in the event marketing business & government projects and project postponements resulting from Thailand’s recent political unrest.

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.

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