Pico Far East Holdings Sees 14-percent Increase in Turnover for Year-end Oct. 31
Despite a tough global economic climate, Pico Far East Holdings had a successful year, reporting earnings results for year-end Oct. 31 of not only turnover that increased 14.1percent to a record HK$3.5 million, but also profit attributable to owners of the company that increased 29.2 percent to a record HK$248 million.
In addition, gross profit jumped from HK$880,352 to $HK1.04 million.
“The improvements in our results are due to our entrepreneurial and creative culture that enables our people to pursue initiatives swiftly and develop them into business opportunities and revenue,” said Lawrence Chia, chairman of Pico.
He added “The strong results we have achieved this year would not have been possible without the leadership and dedication of our staff.”
The biggest turnover by segment came from Pico’s conference and management division from $HK99,244 to $HK300,193 a 202-percent increase.
Pico’s brand signage and visual communication division grew 50 percent from HK$282,929 to HK$424,272, with the companies Museum, Themed Environment, Interior & Retail division seeing a 27.3-percent increase from HK$299,386 to $HK381,138.
The division with the smallest increase but the most amount of business, exhibition and event marketing services, went from $2.39 million to just more than HK$2.4 million, a 0.4-percent increase.
Regionally, Pico business in China saw the biggest contribution to the turnover, with 50 percent, with Southeast Asia contributing 20 percent. Other regions where Pico does business includes the Middle East, United States, United Kingdom and Spain and others.
“The Group is in a better position now than at any time since its inception. Our core competencies enhance our brand name and give the Group a strong competitive edge and a dominant presence in the industry,” Chia said.
He added, “Looking ahead, China is still a very important market in Asia for the Group. Besides investing and improving our competitiveness in China, we will continue to expand our business into emerging markets like India and most recently, Brazil. To remain competitive and profitable we have and will continue to innovate our services. We also look at ways of extending a broader range of services to existing customers by leveraging our extensive network.”
In 2012, Pico has two big projects coming up – the Yeosu World Expo 2012 in Korea, where the company will create the Yeosu Expo Marine Life Pavilion, Cambodia Pavilion, Singapore Pavilion, Sri Lanka Pavilion, Jeonbuk Pavilion and the UN Joint Pavilion.
At the London Olympics 2012, the company will build the showcase, pavilion and lounges for the Acer group.