Raffles Education posts net loss of S$3.9m in Q2

RAFFLES Education Corporation marked a net loss of S$3.91 million for 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 a discontinuation of Raffles Shanghai joint venture college, a decrease in utility income from investment properties in Oriental University City Limited and a reduction in foreign student in-take in Raffles Sydney.

The group also made a S$13.7 million currency translation gain arising from consolidation of foreign operations.