Bangkok, 8th December: Earlier this week, Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, announced its full-year financial results for the year ended 31st October 2020. The company posted a loss of just over US$2 million in the financial year, compared with a profit of more than US$1.7 million recorded last year.

Pico Thailand recorded total revenues of US$23 million – representing a massive 52% drop compared with the year before. Pico Thailand attributed the fall of revenues to restrictions put in place by the Thai government as a result of the COVID-19 pandemic. These restrictions resulted in a large number of cancelled and postponed events in 2020 – including corporate meetings, exhibitions and product launches which are the core of Pico’s business in Thailand.