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2003-2-19 10:24:00 a.m. HKT, XFNA
Pico Far East saw marked improvement in H2 vs H1 on cost controls
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HONG KONG (AFX-ASIA) - Pico Far East Holdings Ltd (752.HK) said it
recorded a marked improvement in its second half to October results, compared
to its first half, thanks in large part to the company's focus on controlling
costs.
The company reported its year to October net profit fell to 16.033 mln
hkd from 31.193 mln a year earlier, while sales fell to 1.012 bln hkd from 1.
318 bln and operating profit dropped to 31.387 mln from 50.834 mln.
It reported distribution costs fell to 158.523 mln hkd from 189.717 mln,
while administrative expenses dropped to 182.051 mln from 204.282 mln, and
other expenses fell to 4.462 mln from 7.789 mln.
It said although overall turnover in its core exhibition and events
marketing business fell 24 pct year-on-year to 801.845 mln hkd, around half
of the shortfall reflected the absence of the biennial Asia Telecom show,
which was held in the previous year but not in the year under review.
The division accounted for 79 pct of the overall turnover in the year
under review.
At the end of the reporting period, Pico Far East said it had cash and
bank balances of around 184 mln hkd and its gearing ratio was at 3.4 pct,
compared to 2.8 pct a year earlier.
The company said it is in talks to establish two joint ventures to
develop exhibition companies in China, in which it will invest 1.02 mln hkd
and 700,000 usd respectively.
The company declared a final dividend of 1.5 cents, compared with the
previous 3.0 cents.
lyndal.mcfarland@afxnews.com
lmf/jtz
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