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2003-2-19 10:56:00 a.m. HKT, XFNA
STOCK ALERT - Pico Far East higher after FY results, div announcement
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HONG KONG (AFX-ASIA) - Pico Far East Holdings Ltd (752.HK) was higher and
outperforming the broader market after reporting its year to October results
and declaring a final dividend of 1.5 cents per share, dealers said.
At 10.45 am, Pico Far East was up 0.01 hkd or 3.2 pct at 0.32.
The company's 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 from 1.318 bln.
However, the company reported a marked improvement in its second half to
October results compared to its first half, thanks largely to cost control.
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.
lyndal.mcfarland@afxnews.com
lmf/zr
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