Raffles Education full-year profit doubles on divestment gain

RAFFLES Education Corporation yesterday said its net profit for the fiscal year ended June 30 doubled to S$55.37 million from S$26.67 million on gain from divestments.

While revenue fell one per cent to S$127.39 million, other operating income rose 53 per cent to S$102.49 million.

Raffles enjoyed a gain of S$45.5 million on divestment of 490 mu (326,700 square metres) of land and properties in Oriental University City (OUC), and a S$40.8 million gain on disposal of 50 per cent equity interest in Value Vantage Investment and Management (Hangzhou) Co Ltd.