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Published on December 22, 2007

Event organiser Pico (Thailand) next year plans to do business abroad on its own instead of being an outsourcing firm.

The company has seen its revenue and net profit drop, due mainly to the economic slowdown and political uncertainty.

This year, Pico recorded revenue of Bt1.04 billion for a net profit of Bt50.14 million, down from Bt1.11 billion and Bt71.25 million last year, respectively. Meanwhile, its debt rose from Bt209.76 million last year to Bt298.54 million this year.

CEO Silchai Kiatpapan said this was the first time Pico's performance had dropped since it listed on the Stock Exchange of Thailand three years ago. He also said its performance next year would be similar to this year.

"I see no positive factors next year despite the election, because we still cannot figure out who will get the major vote and whether they will be able to work smoothly for years without any political disruption," he said.

Early this year, Pico expanded into arranging exhibitions and has already organised Educa 2007, Bangkok International ICT Expo 2007, Sign Asia and Media Asia. Next year, it will arrange Bio Asia 2008.

It has also collaborated with Thai companies and organisations to arrange roadshows and international exhibitions abroad. Its corporate clients so far include Singha, Shin Satellite and the Thailand Convention and Exhibition Bureau.

Silchai said the company had been able to exploit international connections and market experts abroad through the Pico Group, which has its headquarters in Hong Kong and 30 offices in 26 countries.

However, it will not be easy for Pico to rely entirely on its activities abroad to boost its performance, because competition is growing more intense globally, due to trade liberalisation, he said. In addition, the economic situation worldwide is uncertain.

Pico expects its revenue from arranging exhibitions and roadshows abroad to increase from less than 10 per cent now to 30 per cent in the next five years.

Silchai said the company had already concluded deals for next year with some corporate clients, whom he declined to name. Each event will contribute from Bt30 million to Bt50 million. Revenue from the first one will be received by the second quarter of Pico's fiscal 2008.

Nitida Asawanipont

 The Nation