Published:
Raffles Education’s net profit inches up 2% to $19.7m
Drop in number of enrollees dragged revenues.
Raffles Education Corporation’s net profit crept up a measly 2% to $19.7m despite a slump in group revenue 7% to $111 million in FY16.
The group blamed the discontinuation and teach-out of Raffles Shanghai joint venture college for the drag. Revenue of the overseas business plunged $4.6 million in the the year under review.
Raffles Sydney did not contribute any push either as reduction in foreign student intake resulted in the decrease of revenue $7.8 million in FY16, the group’s financial statement revealed.
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