Bangkok, 8th June: Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, has released its results for the quarter ended 30th April 2023. Revenues in the quarter were US$9.1 million, representing a year-on-year increase of 25%.

The company posted a net profit of US$617,000 in the quarter, compared with a profit of US$16,000 in the same quarter of last year. Pico’s management attributed the increase in revenues and profit to the Thai government’s easing of COVID-19 controls, and the burgeoning economic recovery in Thailand.