Singapore

RAFFLES Education Corporation marked a net loss of S$3.91 million for the second quarter ended Dec 31, 2016, after a net loss of S$5.17 million in the year-ago period.

Revenue during the quarter slipped 17 per cent to S$24.44 million. The decline stemmed from the discontinuation of Raffles Shanghai joint venture college, a decrease in utility income from investment properties in Oriental University City Limited (OUCL) as the provision of utility services has been taken over by a third party, and a reduction in foreign student in-take in Raffles Sydney.