Raffles Education Q2 profit up 20%

RAFFLES Education Corporation yesterday said its net profit for the fiscal second quarter ended Dec 31, 2013, rose 20 per cent year-on-year to $5.84 million despite a 5 per cent slip in revenue to $31.63 million.

The slight dip in revenue is due to a decrease in student numbers resulting from the closure of colleges as part of rationalisation.

On the other hand, other operating income jumped to $12.22 million from $1.72 million mainly due to a $4 million compensation confirmed by Langfang City Government, China, in October 2013 as Oriental University City (OUC) had assumed certain liabilities on their behalf in prior years.