Raffles Education's earnings plummeted 42% to S$12.1m

Even revenue posted a sluggish rise.

According to a release, Raffles Education Corporation reported a revenue of S$65.9 million and a net profit of S$12.1 million respectively for its first half FY2013, ended 31 December 2012 (“1HFY2013”). 

Revenue for 1HFY2013 increased to $65.9 million from S$65.2 million a year ago, due mainly to an increase in Asia-Pacific (“Ex-PRC”) and Oriental University City (“OUC) revenues as the Group’s investments in new markets continue to bring forth positive results.

Though not significant, the increment signifies a positive development, evidenced by the increase in student numbers for the quarter from key Ex-PRC operations as well as improved performance from OUC. 1HFY2013 net profit was S$12.1 million compared to last year's S$20.9m.

Chew Hua Seng, Chairman and CEO of RafflesEducationCorp, said, “We will continue to make our expanded platform of 33 colleges in 30 cities across 13 countries perform. We are confident that the investments we have made over the last few years will bring forth long term sustainable growth for the Group.”