Pico Thailand’s revenues fall 39%

Bangkok, 12th March: Last week, the Thai-listed subsidiary of Pico Far East Holdings, Pico Thailand, released its results for the quarter ended 31st January 2021. Revenues in the quarter were US$6.4 million, representing a year-on-year decrease of 39%. However, the company reduced its loss to US$53,000 in the quarter, down from US$271,000 in the same quarter last year.

Pico Thailand attributed the decrease in revenues to the impact of the global pandemic and to Thai government measures designed to limit the spread of COVID-19 which resulted in most corporates cancelling or postponing exhibitions and marketing events. Revenues from it exhibition business dropped 29%, down to US$3.9 million, while revenues from its event marketing business declined 32% to US$2.1 million. Revenues from Pico’s museum exhibit business also fell massively by 92%.