Pico Far East Posts Record-high Revenues
Hong Kong-listed Pico Far East reported its annual results for the year ended 31st October 2018. The company posted record-high revenues of US$590 million, up 16% year-on-year. However, the company’s net profit dropped 3.5% during the year down to US$35 million. Diluted earnings per share for the year were HK$0.2198 (US$0.028).
The company attributed the growth in revenue to the effectiveness of its Pico+ strategies which successfully mitigated the knock-on effect created by rising global trade tensions and weakening economic conditions in some key markets. The decrease in profit was attributed to higher costs for operating some new businesses.
More than 82% of Pico’s revenues were generated from its exhibition & event marketing services amounting to US$487 million. This represents year-on-year growth of 20%. The remaining revenues were generated from its visual branding and experiences business (US$47 million), its museum, themed environment, interior & retail business generated US$46 million, and its conference & show management business recorded US$11 million.
In terms of geographic regions, Pico’s business in Greater China generated 59% of total revenues (US$349 million). The next largest region, South & Southeast Asia (India, Malaysia, the Philippines, Singapore and Vietnam) generated revenues of US$143 million or 24% of total. The Middle East recorded revenues of US$36.6 million. The UK & US generated US$36.4 million. All other regions recorded revenues of US$25 million.