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 2021. The company narrowed its loss from US$2 million last year, down to US$864,000 this year.

Pico Thailand recorded total revenues of US$19 million, down 13% compared with the year before. Due to Thai Government COVID restrictions, many business events were cancelled or postponed in late 2020 and again beginning with the third wave of infections in April 2021. As a result, Pico’s revenues were predictably hard hit. Management responded by cutting overhead costs and limiting expenses to narrow overall losses despite the decline in revenues.