Bangkok, 9th March: Last week, Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, announced its results for the quarter ended 31st January 2023. Revenues during the quarter were US$7.2 million, representing a year-on-year increase of 2.9%. However, the company posted a loss of US$210,000 in the quarter, compared with a small profit of US$7,000 in the same quarter of 2022.

The company attributed the increase in revenue to the government easing the measures to limit the spread of COVID-19 and the recovering of the economy. The company managed cost of projects in highly competitive, increasing costs and increasing inflation rate conditions, while the selling & administrative expenses were increased due to sales increase and the overhead control measures implemented to respond to uncertain economic conditions last year, in the result of posting a loss in the reported period.