Raffles Education net profit rebounds to S$34.2m

See how it reversed its FY2012 loss.

Raffles Education Corporation Limited (RafflesEducationCorp) reported revenue of S$128.4 million and net profit of S$34.2 million respectively for the full year ended 30 June 2013 (FY2013).

Revenue for FY2013 decreased 2% from S$131.1 million in FY2012 to S$128.4 million, due mainly to a decline in PRC revenues but offset by an increase in Asia-Pacific revenue. Evidenced by the steady increase in student numbers from key Ex-PRC operations, the Group’s investments in Ex-PRC markets continue to see revenue growth.

FY2013 net profit was S$34.2 million, a turnaround from a loss of $71.9 million in FY2012.

Chew Hua Seng, Chairman and CEO of RafflesEducationCorp, said, “Our expansion strategy in the Asia-Pacific (Ex-PRC) region is showing positive outcome. Together with our repositioned and strengthened PRC operations, we are confident that we are on the road to long-term sustainable growth.”

In April 2013, the Group’s headquarters and Singapore flagship college moved to their permanent home at Raffles Education Square, Merchant Road, marking the Group’s development and progress since its founding in 1990. Raffles Education Square presents a chic and contemporary design, with a spacious layout to provide a creative and conducive learning environment for students. Covering over 77,500 square feet of learning space that fosters creativity and innovation, it exudes the very quality of education that the Group would like to adopt as a model in all its colleges.

The Group is seeing growth in revenue from its Ex-PRC operations. The Group will continue to strengthen its existing operations to improve performance.