Pico Thailand Records Loss in Q2
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$6.6million,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 30thApril. Revenues in period were US$16 million, almost flat compared withthe 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.