Raffles Education FY net profit slumps 69%

Raffles Education's net profit for the financial year ended June 30 slumped 69 per cent to S$16.98 million, due mainly to a lack of one-time gains that were recognised in the preceding year.

Revenue for the year slipped 4 per cent to S$119.9 million. Other operating income dived 87 per cent to S$7.9 million mainly due to an absence of a S$45.5 million gain (before taxes) on "divestment of investment properties of 490 mu land and properties in Oriental University City Limited (OUCL)".

Share of results of joint ventures plunged 97 per cent to S$901,000 due to an absence of one-time gain that was recognised on the disposal of a 50 per cent equity interest in Value Vantage Investment and Management (Hangzhou) Co Ltd (VVHZ) in FY2014.

Raffles Education recognised a net fair value gain of S$23 million arising from a S$17.9 million revaluation gain from investment properties in the OUCL and Oriental University City Holdings (HK) Limited and S$5.4 million revaluation gain from the investment properties in Parramatta, Australia.

The group declared a dividend of one cent per ordinary share, unchanged for the preceding year.