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Raffles Education swings back into profit with FY bottom line of S$627,000

RAFFLES Education Corporation (Raffles Edu) saw a lift to results in its full financial year ended June 30.

Net profit was S$627,000, a reversal from a net loss of S$21.103 million in the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

For the 12 months ended June 30, revenue sank 13 per cent to S$96.22 million from S$111.03 million of the preceding year.

The contraction in revenue was due partly to the discontinuation and teach-out of Raffles Shanghai joint venture college, which has resulted in the decrease of revenue by S$5.8 million in FY2017 from FY2016, it said.

Raffles Edu made a loss per share of 0.19 Singapore cents, from earnings per share of 1.63 Singapore cents in the previous year.

Net asset value per share dipped to 54.6 Singapore cents as at June 30, from 54.71 Singapore cents in a year ago.

Raffles Edu shares finished S$0.002 higher at S$0.199 on Wednesday.

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