Pico Thailand's Profit Up 75%, Revenue Down 5% in Q3
Earlier this week, Pico Thailand, a subsidiary of Hong Kong-based Pico Far East Holdings, announced its financial results for the quarter ended 31st July 2013. In the quarter, Pico Thailand generated revenues of US$8.0 million, which is a 5.0% year-on-year decrease. However, net profit in the quarter increased 75% to US$281,000 due to a drop in selling and administrative expenses.
Pico Thailand also announced its results for the nine-month period ended 31st July. Revenues in the period were US$24 million, a decrease of 22% compared with the same period last year. Net profit was US$569,000, compared with a profit of US$2.1 million in the first nine months in 2012. Earnings per share in the period were Baht 0.08 (US$0.0026).
The company attributed the drop in revenues to lower revenues from its exhibition business as well as the completion of the “Teacher TV” project in mid-2012.