Pico Far East Holdings' interim Revenues Slip 4.5 Percent
Hong Kong-listed Pico Far East Holdings has announced interim results for the six months ended April 30. The company’s turnover was $180 million, a decrease of 4.5 percent, compared with the same period last year. Profits during the period were $10.6 million – essentially the same at the $10.5 million recorded in the same period last year. Dilute earnings per share during the period were HK$0.0677.
Pico’s exhibitions and event marketing services business unit generated 81 percent of the company’s revenues ($146 million), representing a drop of 7.8 percent. The remaining 19 percent of revenues were generated through the brand signage & visual communication segment ($21 million), the museum, themed environment, interior & retail segment ($9.4 million) and the conference & show management segment ($2.9 million).
Lawrence Chia, chairman of Pico, said, “The 4.5-percent decrease in revenue was due mainly to the one-off Shanghai World Expo 2010, which accounted for about HK$300 million of the total revenue recorded in the previous corresponding period. Meanwhile, we have been able to continue our repeat business from our key clients in recurring exhibitions and events.”
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