Raffles Education Corporation, the private education provider in the Asia Pacific region, today reported net profit of $16.9 million for the first quarter of FY2012, ended 30 September 2011 (Q1FY2012), up from $2 million in the corresponding period a year ago (Q1FY2011).
The group recorded a net gain of $15.9 million during the quarter from the 50% sale of its wholly-owned subsidiary Value Vantage in July as part of its initiative to enhance the returns of its assets.
Revenue decreased 15% to $35.9 million in Q1FY2012 from $42.2 million in Q1FY2011 caused mainly by the decrease in the number of National Education School students as a result of the decline in the overall number of students taking Gao Kao and an increase in the number of China students going for overseas studies. The revenue decline was also due to the disposal of 100% of Shaanxi Electronic Information Institute and 50% of Zhongfa College (via Value Vantage).
Raffles Education says the group will continue to build on its strong fundamentals including building depth at its existing colleges, expanding its college network, value creation of Oriental University City, enhancing its academic capability, education asset enhancement and acquisitions.
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