Raffles Education sinks into losses in 1Q on lower sales, higher expenses

SINGAPORE (Nov 9): Raffles Education Corporation posted net losses of $1.7 million for 1Q17, compared with earnings of $867,000 in 1Q16.

For the quarter to September, revenue declined 15% to $24.8 million from the discontinuation of joint venture college Raffles Shanghai, a decrease in utility income of $1.0 million from investment properties in Oriental University City, and a decrease in foreign student intake in Raffles Sydney and Raffles Singapore. Other operating income also fell from $3 million to $1.2 million on lower foreign exchange gains.

Meanwhile, other operating expenses decreased from $14.7 million to $12.1 million due to a foreign exchange loss of $2.6 million.

---

Related Stories

• Sri Trang Gloves posts net loss for 3QFY2024 on rapid appreciation of baht
• Multi-Chem's 3QFY2024 earnings down 23% y-oy to $7.1 mil
• Old Chang Kee posts earnings of $6.2 mil in 1HFY2025, up 42.3% y-o-y on higher sales and lower costs

---