Raffles Education chairman answers Sias queries on operations and finances

Singapore

RAFFLES Education Corporation (Raffles Edu) chairman and chief executive officer, Chew Hua Seng, responded on Sunday to a slew of queries by Securities Investors Association (Singapore) (Sias) about its operations and finances.

Asked to explain a steep fall of more than 60 per cent in its education segment profit to S$5.43 million and plans to improve the segment's profitability, Mr Chew said this was due to the completion of Raffles American School (RASJB) campus in Iskandar, Malaysia. It ceased capitalising the interest relating to the construction after the campus was completed, resulting in higher finance costs.