Raffles Education posts profit of $23.8m in Q3

THANKS to a divestment of investment properties, Raffles Education Corporation ended its fiscal third quarter with a net profit of $23.84 million, against $4.46 million a year earlier.

Earnings per share rose from 0.43 cent to 2.32 cents. No dividends were declared for the period.

The private education provider, which registered a surge in other operating income from $9.5 million to $47.7 million for the January-March fiscal Q3, said this was mainly due to a pre-tax gain of $46.1 million from the "divestment of investment properties of 490 mu land and properties in Oriental University City".