Raffles Education Corporation

RAFFLES Education Corporation's net profit for the six months ended Dec 31, 2020, jumped to S$35.7 million from S$7.7 million a year ago.

The bottom line was bolstered in large part by a gain of S$28.1 million from the disposal of property plant and equipment. As such, other operating income increased from S$4.65 million to S$35.35 million. Revenue slid 7 per cent year-on-year to S$48.43 million as the pandemic and accompanying border controls made it difficult for foreign students to resume their studies.

Earnings per share for the six months clocked 2.59 Singapore cents, up from 0.56 cent a year ago.

In an update, Raffles said that the pandemic is impacting its recruitment and retention of foreign students. It plans to continue to streamline and restructure its operations to enhance efficiency and better manage costs.

NutryFarm International

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NUTRYFARM International narrowed losses to HK$0.96 million (S$0.16 million) for the three months ended Dec 31, 2020, from a net loss of HK$3.14 million a year ago.

Revenue for Q1FY21 rose 12 per cent year-on-year to HK$14.69 million, with revenue generated solely by its subsidiary NFC. Loss per share worked out to 0.91 HK cent, compared to a loss per share of 3.26 HK cents a year ago. Administrative expenses also eased by 37 per cent to HK$3.49 million during the quarter under review.

In an update, NutryFarm said that economic activities have slowly restarted in China, and that NFC is looking at ways to turn the business around.

Meanwhile, NutryFarm has also incorporated a subsidiary in Singapore which has entered into four agreements totalling 962 million renminbi (S$197.36 million) to sell fresh durians to major Chinese fruit importers.