Pico Far East Holdings (HKSE:00752) Operating Income : HK$258 Mil (TTM As of Oct. 2023)

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What is Pico Far East Holdings Operating Income?

Pico Far East Holdings's Operating Income for the six months ended in Oct. 2023 was HK$162 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Oct. 2023 was HK$258 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Pico Far East Holdings's Operating Income for the six months ended in Oct. 2023 was HK$162 Mil. Pico Far East Holdings's Revenue for the six months ended in Oct. 2023 was HK$2,835 Mil. Therefore, Pico Far East Holdings's Operating Margin % for the quarter that ended in Oct. 2023 was 5.70%.

Pico Far East Holdings's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Pico Far East Holdings's annualized ROC % for the quarter that ended in Oct. 2023 was 9.47%. Pico Far East Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Oct. 2023 was 50.88%.

Pico Far East Holdings Operating Income Historical Data

The historical data trend for Pico Far East Holdings's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Pico Far East Holdings Operating Income Chart

Pico Far East Holdings Annual Data

Trend

Oct14

Oct15

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Operating Income

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193.43

-69.23

60.13

109.14

258.48

Pico Far East Holdings Semi-Annual Data
	Apr14	Oct14	Apr15	Oct15	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23
Operating Income	Get a 7-Day Free Trial															62.76	23.71	85.43	96.90	161.58

Pico Far East Holdings Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Oct. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$258 Mil.

Pico Far East Holdings (HKSE:00752) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Pico Far East Holdings's annualized ROC % for the quarter that ended in Oct. 2023 is calculated as:

	ROC % (Q: Oct. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Apr. 2023 )	+	Invested Capital (Q: Oct. 2023 ))	/ count )
=	323.164 * ( 1 - 14.31% )	/	( (2345.701	+	3501.832)	/ 2 )
=	276.9192316	/	2923.7665
=	9.47 %

where

	Invested Capital		(Q: Apr. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5163.939	-	1663.253	-	( 1485.264	-	max(0, 2313.826	-	3468.811	+	1485.264	))
=	2345.701

	Invested Capital		(Q: Oct. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5060.507	-	429.316	-	( 1308.483	-	max(0, 2336.406	-	3465.765	+	1308.483	))
=	3501.832

Note: The Operating Income data used here is two times the semi-annual (Oct. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Pico Far East Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Oct. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Oct. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Apr. 2023		Q: Oct. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	369.188	/	( ( (744.942 + max(-981.431, 0))	+	(706.193 + max(-1237.245, 0)) )	/	2 )
=	369.188	/	( ( 744.942	+	706.193 )	/	2 )
=	369.188	/	725.5675
=	50.88 %

where Working Capital is:

	Working Capital		(Q: Apr. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(905.576	+	14.222	+	12.771)	-	(1663.253	+	0	+	250.747)
=	-981.431

	Working Capital		(Q: Oct. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(773.052	+	12.978	+	108.526)	-	(429.316	+	0	+	1702.485)
=	-1237.245

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Oct. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Pico Far East Holdings's Operating Margin % for the quarter that ended in Oct. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Oct. 2023 )	/	Revenue (Q: Oct. 2023 )
	=	161.582	/	2834.751
	=	5.70 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Pico Far East Holdings Operating Income Related Terms

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Pico Far East Holdings (HKSE:00752) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Pico Far East Holdings Ltd (HKSE:00752) » Definitions » Operating Income

Comparable Companies

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PJFB:Germany

Address

Pico House, 4 Dai Fu Street, Tai Po Industrial Estate, New Territories, Hong Kong, HKG

Website

https://www.pico.com

Pico Far East Holdings Ltd is in brand activation. It promotes brands provides exhibition and event marketing services. Its services include events, exhibitions, visual identity, interior and retail, themed environment, venue management, conference and exhibition management, expo, and sports. The company's operating segment includes Exhibition, event and brand activation; Visual branding activation; Museum and themed environment and Meeting architecture activation. It generates maximum revenue from the Exhibition, event and brand activation segment. Geographically, it derives a majority of revenue from Greater China.

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