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Raffles Education narrows Q1 net loss to S$8m on higher revenue

RAFFLES Education Corporation narrowed its net loss for the first quarter to S$8 million versus S$19.8 million a year ago as revenue picked up, it announced on Tuesday. 

For the quarter ended Sept 30, the private education provider recorded 11 per cent higher revenue at S$25.9 million, on the back of gains from its operations in Asean and China. 

Earnings per share was 0.03 Singapore cent, a reversal from a loss per share of 0.06 cent in the preceding year. 

However, Raffles Education still faced higher finance, depreciation and amortisation, and personnel expenses. The group also posted a currency exchange loss of S$9.1 million, although that was reduced from a loss of S$22.6 million for the same period a year ago. 

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The currency translation loss arose mainly from the translation of Oriental University Holdings and Oriental University's net asset values, according to Raffles Education.

"The challenging global education environment, currency volatility and increasing competition continue to impact the group," Raffles Education said in its outlook statement, adding that it continues to "streamline and restructure its operations for better cost management and improved efficiency".

Raffles Education shares closed at S$0.082 on Tuesday, down 0.1 Singapore cent or 1.21 per cent.